Insurance premium hikes still under negotiation, says PM

Medical insurance premium hikes planned for next year are still under negotiation, said Prime Minister Anwar Ibrahim.

He told reporters earlier today that Bank Negara wants to renegotiate with insurers before coming to a final decision.

"For now, it is still in the process of renegotiation," Anwar said when meeting the media after performing Friday prayers in Putrajaya this afternoon.

He was asked to comment on the Life Insurance Association of Malaysia's (Liam) announcement earlier this week, saying that insurers will go ahead with next year’s medical insurance premium hikes.

However, it will instead implement gradual repricing adjustments in the future.

Previously, it was reported that premiums could increase by 40 to 70 percent.

The plan had been criticised by many, including a group of government MPs who called for the central bank to intervene and investigate insurers and takaful operators who continue to raise premiums despite the central bank’s directive to review them first.

COMMENT | Task force needed to solve high insurance premiums

MIC senator urges Health Ministry, BNM to control private hospital charges

PKR MPs urge BNM to act on insurers defying directive over premium hikes

Insurers: Next year's price hike remains, gradual rise only in future