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MCIT warns of rising reinsurance costs, volatile cyber claims; urges counties to use training and risk services
Summary
Garrett Clabaugh of the Minnesota Counties Intergovernmental Trust briefed the Washington County Board on July 8 about rising reinsurance costs, increasing replacement values for county property and volatility in cyber claims. He encouraged counties to use MCIT safety training and risk‑management services.
Garrett Clabaugh, executive director of the Minnesota Counties Intergovernmental Trust (MCIT), told the Washington County Board on July 8 that rising reinsurance costs, higher insured property values and volatile cyber claims are increasing pressure on county insurance budgets and rate setting.
Clabaugh described MCIT as a public risk pool created in 1979. "Our total insured value across all of our members is now estimated at about $9,200,000,000," he said. He told the board reinsurance costs for property and liability have climbed since 2021 and that cyber claims are particularly volatile year to year.
MCIT staff highlighted several items relevant to county finance…
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