Bnm To Reveal Interim Measures On Insurance Premiums Next Week

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Finance minister II Amir Hamzah Azizan said BNM will ensure that the increase in insurance premiums is implemented in an orderly and gradual manner. (Bernama pic)
PETALING JAYA: Bank Negara Malaysia is to announce further details on interim measures to address the rise in medical insurance premiums next week.
Finance minister II Amir Hamzah Azizan said the participation of all stakeholders is essential in tackling this issue, Bernama reported.
Several interim and immediate measures are being refined by BNM, he said when winding up the debate on the Supply Bill (Budget) 2025 at the policy stage for his ministry in the Dewan Negara today.
Amir said BNM will ensure the increase in insurance premiums is implemented in an orderly and gradual manner, along with other assistance for certain groups.
“BNM will continue to explore measures that can improve the design of medical and health insurance and takaful products with more sustainable premiums and encourage prudent usage.
“The central bank also expects the insurance and takaful operators to expand options for affected users, including more flexible premium payment plans and protection plans with more sustainable premiums,” he said.
He said the health ministry is also implementing several measures and exploring long-term solutions to address the inflation of medical costs.
Earlier today, Bagan MP Lim Guan Eng questioned the insurers for their 40% to 70% hike in medical insurance from next year after BNM governor Abdul Rasheed Ghaffour told MPs during a Dec 10 briefing that no approval had been granted for the hike.
Lim said the insurers’ claims of having prior approval from BNM contradicted the central bank’s official denial.
He also questioned the huge hike in premiums when medical costs in Malaysia only increased by 15%.
He said the Asia-Pacific region only registered a 11.1% increase in medical costs and asked the authorities to study the underlying reasons that had allowed gross medical costs to run out of control. - FMT

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