Bayan Baru MP Calls On BNM To Review 'Excessive' Insurance Premium Hikes

KUALA LUMPUR, Nov 27 (Bernama) -- Bank Negara Malaysia (BNM) has been asked to investigate and review the “excessive” increase in insurance premiums.

In making the call, Bayan Baru Member of Parliament Sim Tze Tzin said BNM should not avoid the issue on the grounds that it was a business decision by the insurance companies involved.

"If the Ministry of Domestic Trade (KPDN) can carry out an ‘excessive profiteering’ investigation on an increase of 10 sen per egg, why can't BNM investigate an increase of tens of per cent in (insurance) premium increases? Why can't the authorities investigate if the increase in private hospital charges is ‘excessive profiteering’?," he told a press conference in Parliament today.

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Sim said he raised the issue of increases in private hospital charges and health insurance premiums in the committee-level debate session on the Ministry of Health's Supply Bill 2025 on Tuesday.

"I welcome the statement by Health Minister Datuk Seri Dr Dzulkifli Ahmad that he will hold consultations with private hospitals to achieve ‘value-based healthcare’.

"I hope the minister can succeed," he said, adding that he regretted the media statement by Malaysian Private Hospital Association president Dr Kuljit Singh who defended the increase in health insurance premiums of between 40 and 70 per cent.

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-- BERNAMA