Technology and new pathologies will increase health insurance in Spain by 7.6%

Health insurance both globally and in Spain will continue to rise above inflation next year, despite the moderation of the latter due to the effect of the increase in interest rates by central banks, and in the end . of the coronavirus pandemic. According to the Global Medical Trends Survey 2024, which has just been published by Willis Towers Watson, this increase is expected to be 9.9% by 2024, although it represents a certain moderation compared to the 10.7% recorded in 2023. In Spain, in On the other hand, it is expected that the increases in 2024 are in line with those registered in 2023.

In Europe, the price of health insurance rose by 10.9% this year, while for the next year that is about to start, the increase is expected to be 9.3%, in gross terms, while the net increase will be 5.9%. For Spain, the net increase will be 4.47%, which is above the 3.1% expected inflation. The gross increase will be 7.6%, after having registered an increase of 7.63% in 2023. Within Europe, the countries of the defunct Eastern Europe and Turkey (affected by hyperinflation) will be the countries that register the highest increments.

At a global level, the regions that will experience the greatest increases will be Latin America, with an increase in the gross price in the price of 11.2%, while the net price will be 7.9%, according to the projections managed by the insurers themselves. The Middle East and Africa will follow, with an expected gross increase of 12.1%, while the net increase will rise to 6.8%.

There are several reasons that explain this upward trend. On the one hand, it continues to have a high cost as a result of the high price of new medical technologies. The survey conducted by WTW reveals that the use of these innovations, which range from diagnostic tools based on artificial intelligence to gene therapy, are one of the factors that increase expenses the most.

Additionally, in some regions, ongoing geopolitical conflicts and resulting displaced populations have increased medical costs due to increased need for care and decreased availability of providers.

Added to this is the fact that some diseases entail more expenses than others. One of them is mental health, which, according to the document, is among the fastest growing conditions by incidence and cost. Mental and behavioral health disorders are expected to continue to be among the top five fastest-growing conditions by both costs and claims. It is also revealed that cancer remains the main disease affecting expenses globally and in all regions. Cancer is projected to be the fastest growing disease globally by cost and the second fastest growing disease by incidence over the next 18 months.

Looking ahead to the coming years, more than half of insurers, specifically 58%, foresee a higher or significantly higher medical trend over the next three years. 84% of insurers in the Middle East and Africa expect higher or significantly higher increases in healthcare costs during this period, as do more than half of insurers in Europe (57%) and Asia Pacific (59%) ; However, in America the expectation is significantly lower.

An interannual growth of 8.3%

According to the latest data published by the insurance employers’ association, Unespa, this branch grew 6.93% from one year to the next and contributed 8,457 million in income until September. The employers’ association highlighted that all major business lines showed solid dynamism, although it highlighted that the savings branch, business coverage and health insurance were the ones that experienced the greatest growth.

Regarding prices, the National Institute of Statistics (INE) found that health insurance registered an increase of 8% year-on-year between January and August 2023. In that month, private health insurance experienced a clear increase of 8%. 4% compared to the same month of the previous year.