The economic effects of the pandemic, such as rising inflation and economic volatility, have made a significant impact on the cost of medical plans around the world, Aon's 2024 Global Medical Trends Report revealed. 

According to Aon, medical trend rates were on the rise globally throughout 2023 and are not expected to slow down in 2024. Medical trend is the predicted change in the cost of treating patients from year to year and is influenced by factors such as inflation, utilization and reimbursement rates among others. Aon's 2024 Global Medical Trends Report found that "the global average medical trend rate for 2024 is expected to be 10.1% – up from 9.2% in 2023 and the highest it has been since 2015." 

Regions with the highest projected increases include Latin America and the Caribbean as well as the Middle East and Africa. Europe, which is the region with the third highest medical trend, is expected to see unprecedented increases in employer-sponsored medical plans in 2024, according to Aon. It is predicted that the region will see a 10.4% trend – nearly double its 5.6% rise in 2022.