'Unprecedented' increases led to higher premiums, say insurance associations

PETALING JAYA: Increases in medical insurance premium costs are unavoidable because of several factors including rising costs, increased claims, and greater utilisation of healthcare services, say industry associations.

In a joint statement issued Thursday (Nov 28), the Life Insurance Association of Malaysia (LIAM), Malaysian Takaful Association (MTA) and General Insurance Association of Malaysia (PIAM) said individual risk ratings, risk pooling, as well as benefits and features of certain insurance packages, were also factors, in addition to inflation.