With a little over 10 minutes to go in the second half, the Canes sealed the title after Barratt pounced on a loose ball to score the decisive try.
It came after the Lions stole Hurricanes ball at a lineout, but their forwards were not was able to control the ball and it was kicked into the in-goal area by the host's replacement hooker Ricky Riccitelli before Barratt dived on it and hten converted the try to win the match for his team.
"They took their opportunities," said Lions Ackermann. "It boils down to two incidents ... that's finals rugby. I experienced it as a player (with the Sharks in the 2007 final when Bryan Habana scored at the death to win it for the Bulls) ... we dominated, but didn't win.
"But credit to the Canes. Beauden Barratt was exceptional ... he knew when to kick high and kick long and controlled the game exceptionally well."
Lions skipper Warren Whiteley was equally philosophical, saying his time would be a better side next year for the experience of the first final.
"The conditions were tough, but they were tough for both sides. We didn't adapt as well as they did and they were smarter than us on the day. They took their two opportunities ... our mistakes ... and that's where the score comes from."
The Lions will return to Johanneburg tomorrow and focus their attention on defending the Currie Cup they won last year.