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Jan 18, 2025 12:00 PM
COMMENT | Healthcare and insurance are essential services and should not be treated as ordinary businesses. This is particularly true for healthcare insurance. The announcement of healthcare insurance premiums increasing by 40-70 percent has understandably alarmed consumers.
In response, Bank Negara Malaysia (BNM) introduced a series of immediate measures to ensure continued access to healthcare insurance and address rising medical costs (Interim Measures to Assist Policyholders and Promote Continued Access to Suitable Medical and Health Insurance/Takaful Products, Dec 20, 2024).
These interim measures are a positive step forward. However, they lack provisions for transparency and accountability from insurers and the regulator, BNM. Transparency and accountability are critical to fostering consumer trust.
Key metrics for insurer performance
Several key metrics can help consumers evaluate insurerperformance and enable regulators to monitor the industry’s health.
> Claims ratio: The ratio of claims paid out to premiumsreceived.
> Loss ratio: The ratio of claims and adjustment expenses(including claim investigation and verification costs) topremiums received.
> Claims settlement ratio: The proportion of claims settledagainst total claims filed (both in number and value). Thisratio allows buyers to compare insurers and choose themost reliable provider.
> Expense ratio: The proportion of expenses incurred inacquiring, underwriting, and servicing premiums relativeto premiums earned, reflecting an insurer’s operationalefficiency before factoring in policy claims and investmentgains or losses.
- Details
- Category: PROFIL FOMCA
Jan 18, 2025 12:00 PM
COMMENT | Healthcare and insurance are essential services and should not be treated as ordinary businesses. This is particularly true for healthcare insurance. The announcement of healthcare insurance premiums increasing by 40-70 percent has understandably alarmed consumers.
In response, Bank Negara Malaysia (BNM) introduced a series of immediate measures to ensure continued access to healthcare insurance and address rising medical costs (Interim Measures to Assist Policyholders and Promote Continued Access to Suitable Medical and Health Insurance/Takaful Products, Dec 20, 2024).
These interim measures are a positive step forward. However, they lack provisions for transparency and accountability from insurers and the regulator, BNM. Transparency and accountability are critical to fostering consumer trust.
Key metrics for insurer performance
Several key metrics can help consumers evaluate insurerperformance and enable regulators to monitor the industry’s health.
> Claims ratio: The ratio of claims paid out to premiumsreceived.
> Loss ratio: The ratio of claims and adjustment expenses(including claim investigation and verification costs) topremiums received.
> Claims settlement ratio: The proportion of claims settledagainst total claims filed (both in number and value). Thisratio allows buyers to compare insurers and choose themost reliable provider.
> Expense ratio: The proportion of expenses incurred inacquiring, underwriting, and servicing premiums relativeto premiums earned, reflecting an insurer’s operationalefficiency before factoring in policy claims and investmentgains or losses.
- Details
- Category: PROFIL FOMCA
SHAH ALAM - Kaedah pembelian minyak masak peket bersubsidi menggunakan pengenalan diri (ID) khas yang bakal dilaksanakan Kementerian Perdagangan Dalam Negeri dan Kos Sara Hidup (KPDN) tahun depan disifatkan tidak komprehensif dan mengelirukan.
Penganalisis Ekonomi Universiti Kewangan Islam Global (INCEIF), Profesor Dr Baharom Abdul Hamid menyifatkan idea tersebut menimbulkan pelbagai persoalan selain sukar untuk dilaksanakan.
“Jadi siapa nak kawal di peringkat runcit? Apa yang menghalang pembeli menjual semula pada harga yang lebih tinggi?
“Apa had kelayakan untuk penggunaan ID ini nanti. Adakah mengikut pendapatan? Sekiranya gaji suami dalam golongan berpendapatan tinggi (T20), tapi suruh isteri yang suri rumah atau anak yang beli, macam mana pula,” katanya kepada Sinar Harian.
Sebelum ini Timbalan Menteri KPDN, Fuziah Salleh memberitahu kaedah pembelian minyak masak peket kepada kumpulan sasar yang bakal dilaksanakan pada 2024 akan menggunakan mekanisme ID dan telah disahkan layak.
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- Category: PROFIL FOMCA
KUALA LUMPUR: Kebajikan golongan miskin tegar di negara ini terus menjadi keutamaan kerajaan menerusi pemberian rebat elektrik sehingga RM40 sebulan kepada golongan itu seperti pengumuman Belanjawan 2024, Jumaat lepas.
Pemberian rebat itu dilihat mampu mengurangkan bebanan kos sara hidup yang tinggi ketika ini sekali gus menunjukkan keprihatinan kerajaan dalam membela nasib golongan miskin tegar di negara ini.
Suri rumah Diana Lokman, 40, berkata langkah kerajaan meneruskan pemberian rebat elektrik itu memperlihatkan usaha berterusan kerajaan meringankan beban rakyat terutamanya golongan susah dan bekeperluan untuk mendapat bantuan manfaat yang terus kepada golongan sasar.
"Jadi dengan pemberian rebat ini, bil bulanan yang saya perlu bayar hanya sekitar RM15 atau kurang daripada itu kerana penggunaan bulanan biasanya sekitar RM50, saya tidak gunakan penyaman udara atau penapis air elektrik dan sebagainya," katanya ketika dihubungi Bernama pada Rabu.
Read more: Kebajikan golongan miskin tegar terus terbela menerusi rebat elektrik
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PETALING JAYA: Many Malaysian households are now indulging in mutton only occasionally due to the high prices these days.
“As Indians, we love mutton. But it’s costly these days, so I would buy it only once in a while,” said content manager, A. Siva, 42.
He said the price was usually about RM50 per kg, but it could go up to RM70, especially during Deepavali when the demand is high. At one point during the movement control order, he said the price even went up to RM83 per kg at a local market in his Subang Jaya neighbourhood, which he described as “shocking”.
To him, he felt that the price was rather arbitrary as the trader did not put it up on a price board. However, Siva acknowledged that prices for local mutton had always been higher than those imported from Australia or New Zealand.
“Local mutton is never frozen and there is a variation in terms of taste,” he said, adding that his family would opt for local or imported ones, depending on the need and occasion.
Homemaker Fazilah Kamal, 31, would only buy fresh mutton from the wet markets as she finds it more tender. It also takes less time to cook.
She said the average cost of lamb was around RM37 to RM40 per kg, but chops and shoulders were even more expensive as they tend to have more meat.
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