Malaysia: Parliament takes note of surging insurance premium hikes, to hold public hearings
Source: Asia Insurance Review | Mar 2025
Surging health insurance premiums in Malaysia have caused public distress to the extent that the Public Accounts Committee (PAC) of the country’s parliament has decided to hold public hearings on the issue.
It would be for the first time that the PAC will hold open public hearings on rising health insurance and takaful premiums and private hospital fees. The PAC will hold two hearings one each in Penang and Kuala Lumpur.
The public hearings to be held in February 2025 will hear public’s views and debate on rising private hospital fees, increasing insurance premiums and their impact on public healthcare. The takaful premiums too have seen a surge. According to the complaints received the health insurance premiums have risen by as much as 30%-50% despite a cap of 10% by Bank Negara Malaysia (BNM).
The PAC in a press statement has acknowledged the growing public complaints about uncontrolled hikes in private hospitals fees and health insurance premiums. While the committee has welcomed the efforts being made by the government and the BNM to cap premium increases, it said the problem needs long-term solutions.
According to the PAC’s statement, to support private healthcare reforms, the committee aims to conduct a comprehensive inquiry involving all stakeholders and public input. A