Newsletter Keeps Members Up to Date
The MCIT Bulletin is published seven times a year. It covers issues important to MCIT members, such as program developments, legislative and case law changes, risk management and loss control advice, training opportunities and more.
Bulletin, August/September 2022
MCIT News
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Board Sets 2023 Rates: The MCIT Board of Directors’ rate setting discussion in July is an analysis of anticipated frequency and cost of future claims; member risks and initiatives; and the outlook for future operating costs—most notably, the cost of reinsurance. For 2023, the property/casualty (liability) aggregate rate increases 1.9 percent, and the workers’ compensation rate decreases 10.9 percent. Read more … |
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$7 Million Dividend Declared for Members: The annual dividend analysis considers past performance of both the property/casualty and the workers’ compensation divisions, focusing on claim and reserving results, as well as MCIT’s investment portfolio performance. Upon conclusion of the report, the board voted to return a total of $7 million to members in good standing in 2022. Read more … |
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WCRA Surplus Distributed to Members: Earlier this year, the Workers’ Compensation Reinsurance Association (WCRA) announced a surplus distribution to its members. In June, the MCIT Board of Directors voted to return $9.6 million of the $11.3 million distribution directly to members who participate in the workers’ compensation division. The remaining funds are set aside for MCIT operations. Read more … |
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MCIT Responds to Storm Claims: Following a relatively quiet 2021 spring and summer storm season, MCIT members have experienced a high volume of weather-related claims in 2022. Members are reporting varying degrees of claims, from the total loss of several buildings, roof issues, damage to property in the open such as fences, and damaged equipment and heavy machinery. Not surprisingly, members have numerous claims for hail damage to vehicles. MCIT’s property/casualty claims representatives have been assisting members by traveling to inspect significant losses, arranging for independent adjusters to assist in preparing estimates and guiding members on steps to take to begin the restoration process. Read more … |
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How Members’ Contribution Is Determined: Each MCIT member will receive an estimate of the organization’s contributions for the coming calendar year later this month to assist with its annual budgeting process. Each member pays a different total amount of contribution based on its own exposures versus other members of the trust. For example, a member with a new multimillion dollar government center and a large automobile fleet likely pays more in contribution than a member with a lower-valued courthouse and few vehicles. Read more … |
Tips to Manage Risks
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4 Steps to Strengthen Cyber-security: In 2020, the average cost of a cyber-incident for public entities was $136,000 nationally, and between 2016 and 2020, the number of cyber-incidents experienced by public entities increased 150 percent.* This is a significant risk for Minnesota counties and other local government entities. Cyber-security experts often cite four simple steps organizations can take to prevent the majority of cyber-security threats: strengthen and secure passwords, keep software updated, stay vigilant against phishing and enable multifactor authentication. Read more … |
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MCIT Fundamentals: Coverage for Objects of Fine Art: Members may cover objects of fine art with MCIT by providing a current appraisal, which is subject to MCIT underwriting approval. Items are scheduled individually at their appraised value using the MCIT fine arts coverage endorsement. Read more … |
Training Opportunities
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Virtual Risk Managemetn Workshops Coming This Fall: MCIT will present virtual risk management workshops at no cost throughout the fall. Workshops cover key areas of concern for members. The sessions are informative and engaging while providing practical tips members can apply to the workplace immediately. Read more … |
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Seminar for Land Use Decision Makers Returns in September: The “Navigating Key Land Use Issues” seminar strengthens attendees’ knowledge of the requirements they must consider when making land use decisions for local government entities. The training also explores the current land use concerns in Minnesota. Read more … |
