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MCIT tells Goodhue County rising costs driven by inflation, reinsurance and property values
Summary
A representative of the Minnesota Counties Intergovernmental Trust told Goodhue County commissioners that rising reinsurance costs, inflation-driven property values and higher medical and repair costs are increasing county pool insurance expenses, though the pool remains financially stable and is returning dividends to members.
Jim Carrolls, a representative of the Minnesota Counties Intergovernmental Trust (MCIT), updated the Goodhue County Board of Commissioners on the pool's finances and risk trends.
MCIT, which Carrolls described as an insurance pool set up by the state in 1979 to serve Minnesota counties, has 81 of 87 counties as members and also covers some county-related entities. Carrolls told commissioners that the pool's costs have risen significantly because of inflationary pressure on reinsurance, construction and claims costs, and higher medical and wage expenses for workers' compensation claims.
Carrolls said MCIT buys…
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