KUALA LUMPUR: Bank Negara Malaysia (BNM) is set to unveil interim measures next week aimed at addressing the escalating insurance premiums that have raised concerns among stakeholders.
According to BERNAMA News Agency, Finance Minister II Datuk Seri Amir Hamzah Azizan highlighted the necessity for comprehensive participation from all relevant parties to effectively tackle the issue. Speaking during the debate on the Supply Bill (Budget) 2025 at the policy stage for his ministry in the Dewan Negara, Amir Hamzah emphasized a “whole-of-nation” approach. This involves cooperation among the Ministry of Health (MOH), Ministry of Finance (MOF), BNM, together with Insurance and Takaful Operators (ITO), private hospitals, medical experts, pharmaceutical companies, and consumer associations.
Amir Hamzah noted that BNM is committed to ensuring that any increase in insurance premiums is rolled out in an orderly and gradual manner. The central bank is also focusing on providing additional support to specific groups affe
cted by these changes. Furthermore, Amir Hamzah indicated that BNM is exploring improvements in the design of medical and health insurance and takaful products to incorporate more sustainable premiums and to promote prudent usage. BNM expects insurance and takaful operators to offer more flexible payment plans and protection plans with sustainable premiums.
The Finance Minister also discussed efforts by the MOH to implement measures and explore long-term solutions targeting medical cost inflation in Malaysia. He stressed the importance of collaboration among all parties within the healthcare ecosystem, including private hospitals and pharmaceutical firms, to address the fundamental causes of rising medical costs.
Amir Hamzah assured that the MOF, MOH, and BNM remain vigilant and committed to ongoing dialogue with relevant stakeholders. This includes recent engagement sessions with the Special Select Committee on Health, aimed at ensuring the sustainability of Malaysia’s healthcare sector through value-based
approaches.