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MCIT consultant warns rising property values, reinsurance costs are driving county coverage increases
Summary
An MCIT risk-management consultant briefed the Clay County Board on reinsurance pressures, rising insured property values, cyber and workers-compensation trends and county risk-management efforts that helped lower work‑comp costs.
An update May 13 from the Minnesota Counties Intergovernmental Trust and Clay County risk staff highlighted rising property valuations, higher reinsurance costs and county efforts that have reduced workers’-compensation experience ratings.
Joe Siminski, a risk management consultant with MCIT, told the board MCIT is a joint powers entity formed by counties to provide tailored risk-management and claims services. “We are a joint powers entity formed by the counties and associated members to provide risk management, and, and, claim payments,” Siminski said.
Siminski said the pool is facing upward pressure on property-insurance costs caused by a steep rise in total insured values and higher reinsurance pricing from the global…
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