This includes spreading out premium increases over a minimum of three years.
news BNM Announces 4 Interim Measures To Ease Burden Of Rising Insurance Premiums Cover image via Asyraf Hamzah/New Straits Times & osaba/Freepik Follow us on Instagram, TikTok, and WhatsApp for the latest stories and breaking news.
Image via Asyraf Hamzah/New Straits Times BNM revealed that the cost of healthcare in Malaysia has grown significantly over the years, with medical cost inflation reaching 15% in 2024 — well above the global average of 10% He added that BNM is working closely with relevant stakeholders, including the Finance Ministry, the Health Ministry, private hospitals, and ITOs to develop a long-term sustainable solution.
- Policyholders who have surrendered or whose MHIT policies have lapsed in 2024 due to the recent repricing can reach out to their ITOs to request for a reinstatement of their policies based on the adjusted premium under this measure without additional underwriting requirements. The government also plans to develop a basic insurance product that covers essential healthcare needs for everyone.
Banknegaramalaysia Bnm Insurance Pricehike Inflation Medical Health
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