NEW YORK, June 27, 2024 /PRNewswire/ -- QBE North America today announced the release of its 2024 Accident & Health Market Report, exploring current trends in healthcare spending to provide valuable insights for employers who offer self-funded health plans.

As a leading provider of medical stop loss insurance, QBE leveraged its extensive claims database to analyze and share findings to help employers identify and mitigate risk.

The report, which is released annually, notes the frequency of medical stop loss claims exceeding $200,000 per 10,000 covered individuals rose at a rate of 39% from 2022. Consistent with prior year observations, neoplasms continue to have the highest claim frequency, accounting for 41% of all stop loss claim reimbursements in 2023, whereas premature births now exhibit the highest severity.

"Cancer claims are rising at an alarming rate," said Tara Krauss, Head of Accident & Health at QBE North America. "At the same time, specialty drugs have significantly driven up treatment costs for certain types of cancer. As this trend develops, transparency into what's driving costs and how best to manage them will become increasingly important to employers."

Claims data in this year's report also shows higher frequency from 2022 to 2023 for mental illnesses, exceeding the spike seen in 2020, with substance abuse being the main driver. Depression and anxiety have also notably increased.

In addition to medical stop loss claims trends, the report features a mix of QBE data and industry research to examine a range of topics and issues for employers to consider in their long-term claim financing and risk transfer planning, including:

• The rise of preterm birth rates
• New weight loss drugs: GLP-1 agonists
• Specialty pharmacy pricing innovations
• Cell and gene therapy advancements
• Legislative updates
• Medical stop loss captives

"More than half of covered workers are enrolled in self-funded healthcare plans, and medical stop loss insurance and related products continue to play a key role in providing employers the transparency needed to create tailored solutions that reduce expenses and protect employees," added Krauss. "Emerging trends – whether it be implications from new weight loss drugs, rising cancer rates or advancement in new therapies – will continue to challenge employers to curb the cost impacting their health plans. To further contribute to that conversation, QBE is pleased to release our annual Accident & Health Market Report."

About QBE North America
QBE North America is a global insurance leader helping customers solve unique risks, so they can stay focused on their future. Part of QBE Insurance Group Limited, QBE North America reported Gross Written Premiums in 2023 of $7.6 billion. QBE Insurance Group's results can be found at qbe.com. Headquartered in Sydney, Australia, QBE operates out of 27 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business primarily through its insurance company subsidiaries. The actual terms and conditions of any insurance coverage are subject to the language of the policies as issued. Additional information can be found at qbe.com/us or follow QBE North America on LinkedIn, Facebook and Instagram.

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SOURCE QBE North America