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Insurance industry in limelight due to public outcry over steep medical premium in 2024

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The premium hike for medical insurance surprised policyholders who are already paying high monthly premiums and becoming concerned about whether they can maintain paying for their coverage and the long-term sustainability of insurance policies.
The insurance industry in Malaysia is currently under scrutiny due to public outcry over the steep increase in medical premiums set for 2024. This backlash stems from the Life Insurance Association of Malaysia's (LIAM) announcement of a 15% to 50% hike in premiums, which has sparked significant concern among policyholders about affordability and the value of their insurance coverage. The public's reaction has been vocal, with many expressing their frustrations on social media and through consumer advocacy groups, highlighting the financial strain this increase places on individuals and families. In response, there have been calls for regulatory intervention to ensure that insurance remains accessible and fair. The situation has also prompted discussions on the sustainability of the current healthcare financing model and the need for reforms to balance the interests of insurers, policyholders, and healthcare providers.

Read the Full MSN Article at:
[ https://www.msn.com/en-my/money/other/insurance-industry-in-limelight-due-to-public-outcry-over-steep-medical-premium-in-2024/ar-AA1wBzdT ]