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Insurance fund warns of surging reinsurance and medical costs; Wildwood Crest renews GIF membership
Summary
A representative of the Atlantic County Municipal Joint Insurance Fund told the Wildwood Crest council that reinsurance, medical inflation and statutory changes are raising municipal insurance costs; the council voted to renew borough membership in the GIF and approved related consent resolutions.
Wildwood Crest — A guest presenter from the Atlantic County Municipal Joint Insurance Fund told the borough council that municipalities are facing sharp insurance cost pressures driven by reinsurance-market hardening, medical-cost inflation and statutory changes affecting workers’ compensation.
Paul (GIF), introduced by borough staff, said the fund has seen a "46% increase in the reinsurance for property" and cited substantial increases in medical costs and other drivers such as pension-offset changes and social inflation…
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