PETALING JAYA: The latest revision to the motor insurance premium is a continuation of the motor tariff premium rate adjustments under the New Motor Cover Framework introduced by Bank Negara in 2012, said the General Insurance Association of Malaysia (PIAM).
The central bank has been gradually increasing motor premium rates since 2012, with analysts saying that the increase of about 5% was marginal and almost similar to last year’s revised motor tariff premiums.
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