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Monday, May 10, 2021

It’s not the time to raise premiums, Fomca tells insurance firms

 

Fomca says it is wrong to raise medical insurance premiums as consumers are suffering.

PETALING JAYA: A consumer group has slammed the alleged increase in medical insurance premiums, saying the move is ill-timed.

The Federation of Malaysian Consumers Association (Fomca) said it has received several complaints from policyholders over the increase recently.

It said many policyholders are affected, especially because the movement restrictions have either affected incomes or led to retrenchment.

“This is not the time to increase insurance premiums,” Fomca president Marimuthu Nadason said in a statement.

“It is wrong and unacceptable for insurance companies, at this time, to raise premium prices to make excessive profits. Consumers are already suffering.”

He urged those affected by higher premiums to inform the association, and those who have not received any notices of price increases to inquire with their agents.

Marimuthu said Fomca would launch a national campaign to urge Bank Negara Malaysia to stop the increase in premiums.

BNM, as a regulator, should have already “pre-emptively” directed insurance companies not to increase premiums at this point of time, he said. - FMT

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