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MCIT briefs Isanti County on rising reinsurance, property values and cyber trends
Summary
A Minnesota Counties Intergovernmental Trust consultant told the board reinsurance costs and property valuations are pushing up contribution rates, cyber claims have trended up though ransomware losses declined, and MCIT offers loss‑control services to counties.
Joe Seminski, a risk management consultant for the Minnesota Counties Intergovernmental Trust (MCIT), briefed the Isanti County Board of Commissioners on July 1 about changing trends in the insurance/reinsurance market, cyber claims, and services MCIT provides to counties.
Seminski said MCIT is a joint powers risk‑sharing pool rather than an insurance company and emphasized that MCIT’s board is composed of peers who run county operations. “We’re not an insurance company. We’re a joint powers entity in a risk sharing pool,” he said.
He told commissioners that reinsurance premiums have risen sharply and cited a…
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