VCREP #62 | What is Driving Up the Costs of Commercial Insurance, with Nigel Clark

Why are my premiums going up so fast on my real estate insurance? The usual VCREP gang was off this week but instead we have commercial real estate experts Rod MacKay and Seamus Bailey stepping into the studio to welcome Nigel Clark of BFL Canada.Working for one of the largest risk management, insurance brokerage and benefits consulting firms in Canada, Nigel knows the commercial real estate insurance industry inside and out. He talks about how inflation, interest rates and rising construction costs all impact the insurance market and we dive into the difference between a soft-market and hard-market; as well as diagnosing the type of market we are currently in.You might also be surprised to hear what direction the insurance market is going in and how this directly affects consumers. He unpacks the previously volatile strata insurance market, how a recession can influence insurance policies and much more.