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County insurers warn rising property-reinsurance costs are driving contribution increases
Summary
Minnesota County Intergovernmental Trust (MCIT) told Crow Wing County commissioners that rising property values, higher reinsurance costs and equipment/contract changes are behind recent contribution increases; MCIT highlighted cybersecurity gains and member services.
Mike Sieminski, a representative of Minnesota County Intergovernmental Trust, briefed the Crow Wing County Board of Commissioners on June 24 about MCIT’s finances, coverages and services.
Sieminski said MCIT — which he described as a joint powers trust that provides claims handling and risk management for counties and associated local entities — is seeing “skyrocketing” reinsurance costs, especially on property coverage. “Property in particular has gone up 10% in a year’s time,” he said, and the trust has adjusted retentions to blunt some increases.
The trust raised its casualty per-claim retention from $850,000 to $1 million and raised a workers’ compensation retention from $500,000 to $1 million, changes Sieminski said saved money on…
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