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For Immediate Release
Joe Moss
Board Chairperson, District 5
A+ Report from Ottawa County Insurance Authority for 2023/2024
Ottawa County received excellent news regarding the 2023 insurance performance and 2024 insurance renewals.
At the March 2024 Ottawa County Insurance Authority meeting, the board approved the 2024 insurance renewals. The annual cost increase was only 1.3% higher than the prior year.
The national insurance market is seeing up to 10% increases in annual premiums.
Insurance Renewal Rate Increases
Taxpayers benefit from the low renewal rates. A 1.3% cost increase is due to Ottawa County’s strong financial position and low insurance claims. Insurance coverages include coverages for property, automotive, liability, and more.
Premiums in 2022 were budgeted at $894,000.
Premiums in 2023 were budgeted at $911,000.
Premiums in 2024 are budgeted at $923,000.
The small increase is due to the county’s innovative approach at managing insurance coverage, as well as the large asset portfolio in the Insurance Authority.
2023-2024 Premiums
The Insurance Authority board also reviewed total assets held under the authority and how they had grown.
In 2022, the total assets were $43.8M.
In 2023, the total assets increased to $45.4M.
Total Assets
Board leadership and staff of Ottawa County and the Insurance Authority continue the long history of conservative fiscal governance and policy.
The Ottawa County Insurance Authority is comprised of:
- Joe Moss, Chairperson of Board of Commissioners
- Sylvia Rhodea, Vice Chairperson of Board of Commissioners
- Gretchen Cosby, Finance Committee Chairperson
- Jon Anderson, Interim County Administrator
- Cheryl Clark, County Treasurer
- Gary Rosema, Building Authority Representative
Other highlights from the meeting include total operating revenues increasing in 2023 and the annual audit was a clean, unmodified opinion from the auditors.
In surprising news, the county’s cyber liability insurance provider offered a renewal with 0% increase in premium. This unchanged premium reflects the insurer’s confidence in the county’s protective software and procedures.
As of December 31, 2023, the Ottawa County Insurance Authority ended the year with a total combined portfolio value of $42.5 million.
The future is bright for Ottawa County, Where Freedom Rings!