Chambers Plan members see their plans renew each April. While this is a busy time for us, it also leaves us feeling grateful to work with such a strong, stable plan.
With portions of the small business community continuing to struggle as a result of the ongoing pandemic, Chambers Plan’s goal is always to provide a competitive renewal which acknowledges these ongoing challenges while ensuring the Plan’s long-term health and stability.
The national average increase for 2022 is +3.9%. BC’s average is +3.2%. This continues a run of unmatched rate stability afforded to Canada businesses. The average increase over the last 5 and 10 years has been 4.0 and 3.9%. A recent competitor trend survey highlights how Chambers Plan significantly outperforms other insurers in the marketplace
Some insights from our block of clients:
- The average increase across all clients is 4.0%
- Approximately 17% of clients received a rate reduction
- Approximately 85% of clients received an increase of 5% or less
- Approximately 94% of clients received an increase of 10% or less
- Only 6% received an increase higher than 10%