The City of Fishers will be paying more for property and casualty insurance in 2024, and the city’s insurance broker says market conditions are the culprit.

According to a document approved by the Fishers Board of Works & Public Safety Wednesday morning, the city will be paying $123,000 more for the insurance coverage next year.  The total bill for the city is just under $1.2 million.

The approved city documents cite MJ Insurance, the city’s broker, as saying the “increase is predominately due to market increases for property insurance due to replacement values and reinsurance, auto insurance due to increased rate due to composite rate due to claims, cyber insurance and police professional insurance along with increased general liability insurance due to increased budget.”

In one other item before the board, approval was given to the city’s Health Department to enter into what is described as a “credentialing process” as part of a provider agreement with Anthem and Aetna health insurance companies.  Currently, a third-party processor charges the city a $20 monthly fee and $10 per inoculation or test when the city bills a citizen’s insurance company for the shot or test.  This action will save the city those fees when dealing with those 2 insurance firms.