Little change so far in motor insurance pricing

At 9.07 am(0107 Malaysian tme), the local unit stood at 4.1740/1770 against the greenback from Wednesday's close of 4.1730/1760.

SINCE the beginning of July this year, there has been a lot of talk about the detariffication of motor and fire insurance.

Effective July 1, premiums for Motor Comprehensive and Motor Third Party Fire and Theft products would be set using the risk-based method which takes into account, among others, the driver’s gender, age and occupation; type and make of car; and claims history. In short, the higher the driver’s risk of being involved in an accident, the higher the insurance premium.