Commercial insurance prices are rising as increased costs from climate change, the supply chain crisis and inflation take hold, Westchester, a commercial property, and casualty insurance underwriter, said in a new report.

Climate change is adding to the expenses insurers need to recoup and plan for, said the authors, as related natural disasters produce more frequent and severe insured water, rainfall, and flood losses.

Also, the supply chain crisis is making repairs to commercial properties more expensive with higher costs for construction materials like lumber, steel, and gypsum.