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County insurance renewals project slight net decrease after broker negotiation, consultant says
Summary
Hub International briefed the county on insurance renewals for 2025–26; a new workers' compensation quote prompted Travelers to lower its renewal, producing a small net decrease overall despite rising cyber premiums.
The county received an update from Tanner Paterra of Hub International on insurance renewals for fiscal year 2025–26. Paterra said initial renewals projected a 6% increase, but negotiations and a competitive workers' compensation quote narrowed the change to roughly a 1% decrease for most lines.
Paterra said Missouri Employers Mutual (MEM) provided a competitive workers' compensation quote; Travelers, which writes most of the county's liability and property lines, reduced its renewal offer by more than $50,000 after seeing the competing quote. "Travelers adjusted their price down over $50,000 because we went from a 6% increase to negative 1%," Paterra told the board. He said Travelers also emphasized its experience with municipal claims and loss control.
The presenters said the county's workers' compensation experience modification factor (mod) improved from 1.23 last year to 1.07, and it is expected to fall further if current claim trends continue. Paterra said law-enforcement and jail claims drive many of the county's workers' compensation losses and that joint work with county safety and claims staff aims to contain those costs.
County property values used for underwriting and a cyber coverage rating change contributed to some increases: Paterra said cyber insurance rose by a few thousand dollars after underwriters used the county's $56 million budget figure rather than a prior $26 million figure. Property values adjusted for inflation-guard also require schedule updates, he said. Deductibles, including a 3% wind/hail deductible and a $10,000 property deductible, were reported unchanged.
Board members asked about alternative carriers and risk control: Paterra said MEM's loss-control services were strong and that next year MEM could provide another formal quote. Commissioners and staff flagged a desire to consider other carriers, but Paterra said that after Travelers' adjustment, moving work comp would likely be a wash in net cost this year.
There was no formal action recorded; Paterra said he would proceed with schedule updates and finalize renewals. "I will proceed with getting schedules updated, get everything renewed," he said. "MEM will next year give us a quote again too."
