KUALA LUMPUR (Dec 12): Bank Negara Malaysia (BNM) will announce further details on interim measures to address the rise in insurance premiums next week.

Finance Minister II Datuk Seri Amir Hamzah Azizan emphasised that the participation of all stakeholders is essential for tackling this issue.

This involvement should be guided by a whole-of-nation approach and includes the responsibilities of the Ministry of Health (MOH), Ministry of Finance (MOF), Bank Negara Malaysia (BNM), as well as collaboration with stakeholders such as insurance and takaful operators (ITO), private hospitals, medical experts, pharmaceutical companies, and consumers associations.

"As informed by Prime Minister Datuk Seri Anwar Ibrahim on Tuesday, several interim and immediate measures are being refined by BNM," he said while winding up the debate on the Supply Bill (Budget) 2025 at the policy stage for his ministry in the Dewan Negara on Thursday.

Amir Hamzah said BNM will ensure that the increase in insurance premiums is implemented in an orderly and gradual manner, along with other assistance for certain groups.

"BNM will continue to explore measures that can improve the design of medical and health insurance and takaful [MHIT] products with more sustainable premiums and encourage prudent usage.

"The central bank also expects the ITO to expand options for affected users, including more flexible premium payment plans and protection plans with more sustainable premiums," he said.

Amir Hamzah said the MOH is also implementing several measures and exploring long-term solutions to address the inflation of medical costs in Malaysia.

"To ensure the sustainability of the country's healthcare sector towards value-based healthcare, all parties in the healthcare ecosystem, including private hospitals and pharmaceuticals, must work together to tackle the root causes of medical cost inflation.

"MOF, MOH, and BNM remain attentive and will continue to engage with relevant parties, including through engagement sessions with the Special Select Committee on Health held recently," he said.

For more Parliament stories, click here.

Uploaded by Felyx Teoh