BNM Urged To Cap Health Insurance, Takaful Premium Hike At 10 Pct Amid Rising Health Inflation

KUALA LUMPUR, Dec 19 (Bernama) -- Bank Negara Malaysia (BNM) has been urged to limit the increase in health insurance and takaful premiums to no more than 10 per cent as an interim measure, in line with the country’s health inflation rate.

Bayan Baru Member of Parliament Sim Tze Tzin said that 256 complaints have been received in the past month regarding the significant rise in health insurance and takaful premiums.

“Those who have complained to us are mainly from the middle-income (M40) and low-income (B40) groups. Many of them are retirees and cancer patients,” he said during a press conference at Parliament today.

As a long-term measure, BNM and the Ministry of Health have been entrusted to establish a task force to review the medical and health insurance and takaful industry (MHIT) as a whole, focusing on policy, legal, regulatory, and enforcement aspects.

On Nov 28, BNM instructed insurance companies and takaful operators to review their pricing strategies to ensure they are more reasonable. 

The central bank is expected to announce a solution to address the issue of rising medical insurance premiums soon, in order to control the increase in health insurance and takaful premiums. 

-- BERNAMA