Malaysian insurance costs surged 56% due to COVID-19 and inflation, prompting regulators to demand pricing reforms.

The Malaysian insurance and takaful industry saw a 56% rise in medical claims costs from 2021 to 2023, driven by factors like the COVID-19 pandemic and medical inflation. Bank Negara Malaysia, the country's financial regulator, is urging insurance companies to reassess their pricing strategies to prevent unfair premium hikes. BNM stresses the need for coordinated reforms to control healthcare costs and ensure continued access to insurance and takaful coverage.

November 28, 2024
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