Workers’ compensation insurance is increasing by nearly 40 percent for Carroll County at the start of Fiscal Year (FY) 2024. Terry Axman with Mid-Iowa Insurance presented the renewal data for county officials at the Carroll County Board of Supervisors meeting this (Monday) morning. He says the county has had one of the lowest incidence rates in the entire state historically, but the frequency of claims has been higher than usual in the last three years.
MOD, or modification factor, directly affects what a county pays for premiums. It is calculated on a rolling average based on claims from the prior three years. Axman says claims in FY22 and the current fiscal year have been much higher than usual.
FY23’s workers’ compensation insurance cost was $56,272, but the renewal rate is jumping by more than $20,000 to $77,506. Because of how MOD is calculated, Carroll County will likely see higher-than-usual insurance costs through at least FY26.
