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MCIT warns of rising insurance costs, highlights county’s strong workers’ comp record
Summary
MCIT risk consultant Jim Carroll briefed the board on inflationary pressures across reinsurance, property and auto repair costs, cyber claim trends with an approximate ransomware limit of $500,000, and the county’s favorable workers’ compensation experience modifier of 0.724.
Jim Carroll, risk management consultant from MCIT, told the Wabasha County Board that the Minnesota Counties Intergovernmental Trust (MCIT) is a county risk pool that faces rising costs driven by inflation in reinsurance, property‑replacement costs and automobile repair. Carroll said MCIT increased its self‑retention threshold from $850,000 to $1 million for 2025 to…
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