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Council accepts Bremer Insurance renewal after presentation showing modest net rate declines
Summary
After a presentation from Bremer Insurance, the Morris City Council voted to accept an insurance renewal that staff said yields a modest net premium decrease and preserves core coverages. The firm cited extreme weather, "social inflation" and litigation funding as ongoing pressures.
Joel Quam, an insurance representative from Bremer Insurance, told the Morris City Council on June 10 that the city's renewal reflects a modest overall net premium decrease and stable coverage levels. "Across the board ... it's a 3% decrease year over year," Quam said, adding that property and liability rates had an estimated net rate decrease of about 8% while auto coverage remained flat and workers' compensation showed an unusually steep average decline.
Quam framed the picture as mixed: insurers…
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