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MCIT rep warns rising property values and reinsurance costs are driving rates; Blue Earth retains favorable work-comp mod
Summary
A Minnesota Counties Intergovernmental Trust (MCIT) representative briefed commissioners on rising reinsurance and property values, changes to retentions, cyber trends and county-specific performance metrics, including a favorable workers' compensation modifier for Blue Earth County.
Joe Siminski, risk management consultant for the Minnesota Counties Intergovernmental Trust, briefed the Blue Earth County Board on Aug. 19 about trust-wide trends driving member costs and local performance metrics.
Siminski said property insured values have increased materially and that reinsurance costs have risen, prompting MCIT to raise large-loss retentions. He said MCIT increased casualty retention from $850,000 to $1,000,000 per claim and…
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