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MCIT presentation: counties face rising property values, reinsurance costs and cyber risks
Summary
MCIT consultant Joe Siminski briefed the board on increasing property valuations and reinsurance costs, recent adjustments to retentions to limit premium spikes, improving cyber mitigation, and member services including EAP and loss‑control supports.
Joe Siminski, a risk management consultant for the Minnesota Counties Intergovernmental Trust (MCIT), presented an overview of coverage trends and risk management services to Pine County commissioners.
Siminski said reinsurance costs rose about 10% in 2024 and that MCIT adjusted retentions (deductibles) for property and workers’ compensation lines to avoid larger immediate premium increases. He described continued upward pressure from rising property valuations, increases in labor and materials, and the need to manage total insured values. Siminski also highlighted cyber claim patterns: ransomware claims spiked earlier and have trended downward as members improved email filtering and employee training.
On member services, Siminski noted value‑added programs such as loss‑control consultations, a workplace injury hotline, HSB boiler and pressure‑vessel inspections, and an employee assistance program (EAP) with high usage rates locally (reported as 7.69 and 5.11 for two years). He encouraged continued attention to contract review, cybersecurity, safety committees and return‑to‑work initiatives as ways to mitigate future claims and costs.
