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McDonald County commissioners hear consultant warn of rising property and benefits premiums
Summary
At a May 13 meeting, McDonald County commissioners heard Paul Long of Olis/Akers/Arney report that property deductibles are rising sharply and that a MAC Trust benefits study found the average employee-only premium is $700 per month; commissioners said local premiums are about $700–$800.
McDonald County commissioners met May 13, 2024, with Paul Long of Olis/Akers/Arney Insurance & Business Advisors to review insurance-market trends that could affect county costs and employee benefits.
Long told commissioners that property deductibles are "drastically increasing," leading some public entities to consider buy-up policies to cover higher out-of-pocket costs. He said that general liability, auto and cyber coverages have largely "plateaued," while the biggest upward pressure on premiums is in property coverage.
The consultant summarized findings from a recent study of the MAC Trust Group, saying 113 counties belong to the trust and 87 took part in the study. "The average premium for an employee rate only is $700/month," Long said. Commissioners noted that the countys employee-only premium rate is roughly in the $700to800 range, which they said aligns with the study results.
Long also said his firm plans to launch a new benchmark study on general liability and property liability to help local governments compare market pricing and options. After the presentation, the commission conducted a visual inspection of county roads.
The meeting adjourned with the commission scheduled to reconvene May 15, 2024. The minutes record signatures from Presiding Commissioner Bryan Hall, Eastern Commissioner Jamey Cope, Western Commissioner Rick Lett and County Clerk Kimberly Bell.
