BNM to reveal interim measures on rising insurance premiums next week

Bank Negara Malaysia (BNM) will announce further details on interim measures to address the rise in insurance premiums next week.

Finance Minister II Amir Hamzah Azizan emphasised that the participation of all stakeholders is essential to tackle this issue.

This involvement should be guided by a whole-of-nation approach and includes the responsibilities of the Health Ministry, Finance Ministry, BNM, as well as collaboration with stakeholders such as Insurance and Takaful Operators (ITO), private hospitals, medical experts, pharmaceutical companies, and consumers associations.

“As informed by Prime Minister Anwar Ibrahim on Tuesday, BNM is refining several interim and immediate measures,” he said while 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 that 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 (MHIT) products with more sustainable premiums and encourage prudent usage.

“The central bank also expects the ITO to expand options for affected users, including more flexible premium payment plans and protection plans with more sustainable premiums,” he said.

Amir said the Health Ministry is also implementing several measures and exploring long-term solutions to address the inflation of medical costs in Malaysia.

“To ensure the sustainability of the country’s healthcare sector towards value-based healthcare, all parties in the healthcare ecosystem, including private hospitals and pharmaceuticals, must work together to tackle the root causes of medical cost inflation.

“The Finance Ministry, Health Ministry, and BNM remain attentive and will continue to engage with relevant parties, including through engagement sessions with the Special Select Committee on Health held recently,” he said.

- Bernama

COMMENT | Medical insurance premiums need to be regulated

Govt taking steps to control insurance premium hikes: Anwar

PKR reps want task force set up to probe rising insurance premiums

Insurance premium hikes still under negotiation, says PM

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

Insurance, takaful groups explain medical premium hike