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A new report from WTW found that widespread inflation and increasing health care usage are combining to drive projected increases in global health care benefit costs to their highest level in nearly 15 years.

The 2023 Global Medical Trends Survey reveals that the health care benefit cost trend rose from 8.2% in 2021 to a higher-than-anticipated 8.8% in 2022 — and is projected to rise yet further in 2023 to a high global average of 10%. The cost trend increases will hit many regions, including Latin America (where average increases are projected to climb from 18.2% to 18.9%), Asia Pacific (climbing from 6.9% to 10.2%), and the Middle East and Africa (climbing from 10.5% to 11.5%).

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