Navigation Links
Medical Cost Increases to Accelerate Worldwide Over Next Five Years, Watson Wyatt Poll Finds
Date:2/6/2008

WASHINGTON, Feb. 6 /PRNewswire-FirstCall/ -- Medical cost increases for employers throughout the world are expected to accelerate over the next five years, according to a poll of insurance companies conducted by Watson Wyatt Worldwide, a leading global consulting firm. The poll also found that, in a vast majority of countries, medical cost increases are outpacing the general rate of inflation.

Nearly three-fourths (71 percent) of respondents expect higher or significantly higher medical cost trends over the next five years. Additionally, more than eight of 10 (81 percent) report that medical costs are eclipsing the general rate of inflation in their country. The results are based on a Watson Wyatt survey of 85 insurance companies that provide medical insurance to employers throughout Asia, Africa, Europe and the Americas.

"Rising medical costs have rapidly become a global issue that reaches far beyond the United States and other developed economies," said Francis Coleman, a senior international health care benefits consultant with Watson Wyatt. "Many of the factors causing U.S. employers to experience significant increases in their health care costs -- such as increased utilization, expensive medical technology and an aging population -- are having comparable effects throughout the world."

Insurance companies in Asia and Africa are expecting double-digit increases in employer medical costs in 2008, with the exception of companies in Hong Kong and Singapore, according to the poll. The same is true in Latin America, except for Brazil and Chile, where costs are expected to increase by around 7 percent. In Europe, most insurers - except those in Italy - are projecting increases in the single digits, although respondents in all European countries said they expect higher trends over the next five years.

Medical Cost Trends Continue to Increase Globally

2006 2007 2008

(projected)

Asia and Africa

China 15.2 % 21.2 % 19.6 %

Hong Kong 6.8 % 8.8 % 9.1 %

Philippines 11.6 % 11.4 % 11.5 %

Russia 13.3 % 13.7 % 15.7 %

Saudi Arabia 13.3 % 13.3 % 16.3 %

Singapore 5.5 % 6.5 % 7.5 %

South Africa 7.4 % 10.0 % 12.6 %

Europe

France 5.6 % 6.6 % 7.3 %

Italy 5.5 % 11.0 % 11.3 %

Netherlands 6.0 % 5.2 % 6.0 %

Switzerland 3.8 % 7.5 % 6.0 %

United Kingdom 6.0 % 8.0 % 8.0 %

Americas

Brazil 9.2 % 5.9 % 7.2 %

Canada 12.3 % 11.5 % 12.0 %

Chile 5.8 % 6.5 % 7.1 %

Mexico 12.0 % 12.8 % 12.6 %

United States 8.3 % 8.0 % 11.0 %

Venezuela 31.3 % 25.0 % 25.0 %

"Health care is fast becoming the most desired employee benefit worldwide, even in countries that support state-sponsored programs," said Ted Nussbaum, North America director of group and health care consulting at Watson Wyatt. "Given the similar factors driving health care costs around the world, multinationals have an opportunity to develop global solutions that engage workers and improve their health and productivity."

About Watson Wyatt Worldwide

Watson Wyatt (NYSE, Nasdaq: WW) is the trusted business partner to the world's leading organizations on people and financial issues. The firm's global services include: managing the cost and effectiveness of employee benefit programs; developing attraction, retention and reward strategies; advising pension plan sponsors and other institutions on optimal investment strategies; providing strategic and financial advice to insurance and financial services companies; and delivering related technology, outsourcing and data services. Watson Wyatt has 7,000 associates in 32 countries and is located on the Web at http://www.watsonwyatt.com.


'/>"/>
SOURCE Watson Wyatt Worldwide
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Greenway Medical Technologies Continues Record Setting Growth
2. ReachMD and VerusMed Broadcast Medical Conference Coverage on XM Satellite Radio
3. Putting the Medical Profession on Notice!: Widow Tells Tragic Story of How Her Husband Died Due to Misdiagnosis and Mistreatment
4. SpringCM Improves Contract Management Efficiency for Medical Staffing Agency
5. Collaboration needed for strengthening medical research in Europe
6. Dr. Richard Merkin & Heritage Victor Valley Medical Group to Host Victorville Senior Valentines Day Luncheon
7. Regional Paramedical Services and DST Health Solutions Complete Business Process Outsourcing Agreement
8. CRH Medical Corporation announces substantial increase in patient visits
9. Phase II Medical Manufacturing Selects IQMS for ERP Solution
10. MAP Pharmaceuticals Announces Resignation of Chief Medical Officer
11. Presidents Proposed 2009 Medicare Budget Would Weaken Seniors Access to Durable Medical Equipment and Therapies Required in the Home
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/27/2016)... ... May 27, 2016 , ... With ... pharmaceutical, medical and food industries. Aside from its GMP accreditation, Validation Center is ... of successfully certified products, services and staff. , Validation Center is ISO17025 accredited ...
(Date:5/26/2016)... DC (PRWEB) , ... May 26, 2016 , ... There ... National Hot Dog and Sausage Council (NHDSC) suggests that Americans prefer their dogs straight ... dogs, 63 percent say grilling is their favorite way to cook a hot dog, ...
(Date:5/26/2016)... , ... May 26, 2016 , ... ... discovery of thousands of defective respirators, according to court documents and SEC filings. ... of William and Becky Tyler v. American Optical Corporation, Case No. BC588866, Los ...
(Date:5/26/2016)... ... May 26, 2016 , ... Georgia State University ... specialty academic programs. , Answering to the increasing demand for curricular specializations, the ... law, and environmental and land use law. ,  , “The demand for lawyers ...
(Date:5/26/2016)... ... ... On Memorial Day, Hope For Heroes and USA Medical Card will ... country. The nonprofit Hope For Heroes partnered with the leading provider of free ... military veterans, as well as police, firemen, and EMS professionals across the country, and ...
Breaking Medicine News(10 mins):
(Date:5/26/2016)... , May 26, 2016 ... Associated With Both Cost Savings and Overall ... plc (LSE: BTG), an international specialist healthcare company, ... at the 21st Annual Meeting of ISPOR (International ... treatment of hepatocellular carcinoma (HCC) using yttrium-90 glass ...
(Date:5/25/2016)... 25,2016 FDA 510(k) clearance ... platform for urological and surgical applications ... of Cellvizio®, the multidisciplinary confocal laser endomicroscopy (CLE) ... the US with the 12 th 510(k) ... (FDA). This new FDA clearance covers Confocal Miniprobes ...
(Date:5/25/2016)... , Germany and GERMANTOWN, ... QIAGEN N.V. (NASDAQ: QGEN ; Frankfurt Prime Standard: ... licensing and co-development agreement with Therawis Diagnostics GmbH to develop ... be to develop and market PITX2 as a marker to ... high-risk breast cancer patients. "We are pleased to ...
Breaking Medicine Technology: