Respondents once again ranked musculoskeletal disorders as the top condition by incidence of claims. The incidence of musculoskeletal disorders remains high.To raise insurers’ awareness of this issue, the complete report includes a special section on DEI and healthcare coverage gaps in areas related to DEI. The pandemic highlighted the health disparities among different employee groups, prompting employers to place a greater emphasis on diversity, equity and inclusion (DEI) in their healthcare benefit strategy. Over three-quarters of health insurers (78%) anticipate higher or significantly higher medical trend over the next three years. Eighty-four percent of insurers in Europe expect higher or significantly higher medical trend during this time period, as do 73% of insurers in Asia Pacific, 69% of insurers in Latin America and 60% of insurers in the Middle East and Africa. Medical costs are expected to continue to accelerate beyond 2023. Medical costs are expected to continue to accelerate †Global and Latin America numbers exclude Venezuela **Net of general inflation (inflation rates from IMF World Economic Outlook, Apr 22) Global Medical Trends, Global and by Region employers in particular are not necessarily seeing this impact yet and remain concerned on cost and volatility - despite the fact that inflation overall may be abating for the coming year.įigure 1. The one region where a decrease in trend is expected is in North America, projected to drop from 9.4% in 2022 to 6.5% in 2023. In Latin America, the medical trend is projected to climb from 18.2% to 18.9%, in Asia Pacific from 6.9% to 10.2%, and in the Middle East and Africa from 10.5% to 11.5%.Įven Europe, which has traditionally seen much lower levels in the past, is not excluded from the record levels of trend - in 2023, the cost increase is expected to jump significantly from 5.6% to 8.6%. The 2023 Global Medical Trends Survey reveals that after rising from 8.2% in 2021 to a higher than anticipated 8.8% in 2022, the healthcare benefit cost trend for 2023 is projected to remain at a stubbornly high global average of 10%.Ĭosts are expected to continue rising in most regions (Figure 1). Rampant inflation and increased healthcare utilization coming out of the pandemic are contributing to the highest projected increase in global medical costs in nearly 15 years. medical trend data are drawn from other WTW research. Regional and global trend rates have been weighted using GDP per capita. A total of 257 leading health insurers representing 55 countries participated in our 2023 survey. Jamey Dix and Caroline Colnon along with Kern of the Telos Group represented EQ Office.WTW conducts the Global Medical Trends Survey every year between July and September. Matt Carolan and Phil Geiger of JLL represented IMC in the deal. AmTrust Real Estate is putting $100 million into its Loop portfolio of vintage towers to add similar features such as lounges, bars and cafes for tenants who want their buildings to draw employees to commute by offering a social scene only available at the office. Other Loop landlords have since followed suit after getting prodded by the pandemic’s blow to downtown office demand. Those who have signed new leases have tended to do so in newer buildings with high-quality amenities - but for less space than they had before.īlackstone bought Willis Tower for $1.3 billion in 2015, well ahead of the pandemic, and two years later began pouring in cash to perform the upgrades. Firms have found they require less space as many employees still prefer to work from home, at least for one or more days per week. IMC’s decision is rare amid the pandemic as office users cut back on office space even since the virus started to wane this year. By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.
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