WADENA — Richard Miehe, a risk management consultant with the Minnesota Counties Intergovernmental Trust (MCIT), presented a detailed overview of the county’s insurance coverage and risk profile during the Wadena County Board of Commissioners meeting on July 15.
MCIT, a joint powers entity that serves 81 of Minnesota’s 87 counties, functions as an insurance provider rather than a traditional insurance company, Miehe told commissioners.
“We take a contribution, not a premium,” Miehe said. “We use that money to pay claims, and we invest it and ideally we return a dividend back to the membership when it’s financially prudent to do so.”
Miehe said MCIT has raised its retention rates in an effort to keep membership contributions low. He also noted a 39% increase — totaling $2.6 billion — in the total insured value of member properties over the last five years, attributing the jump to rising labor and property costs.
On the subject of cyber and data claims, Miehe reported a notable trend: while the number of claims has risen, their severity has dropped, with no ransomware incidents reported in 2024….
