Increases in global healthcare benefit costs are expected to hit their highest levels in roughly 15 years, according to a new survey of insurers, conducted by Willis Towers Watson. Worldwide, a 10% increase is expected for 2023.
WTW’s 2023 Global Medical Trends Survey found that 78% of global insurers are bracing for higher or significantly higher cost increases in the next three years. Those projections vary by region: Europe can anticipate an 8.6% increase next year; cost increases for Latin America are expected to hit a staggering 18.9%. North America is the one outlier within the report, with cost growth expected to drop to 6.5% over 2022’s 9.4% increase. But for employers struggling to manage costs while prioritizing talent retention, that projected relief may feel elusive.
