Posted by BLee > 11 hours ago | Report Abuse

Good summary..

Posted by speakup > 8 hours ago | Report Abuse

actually the blame on hospital not insurance company

Posted by BLee > 7 hours ago | Report Abuse

The Insurance company (ITOs) reason:
‘- the industry experienced an unprecedented cumulative medical claims cost inflation rate of 56 per cent from 2021 to 2023.’
My take: Last time the mentality was “buy insurance, hope no claim”. Nowadays, “buy insurance, must fully utilize it, if not, why buy??”

‘- advanced healthcare technologies and increased utilisation of healthcare services.’
My take: Insurance payor paid for “advanced healthcare technologies”, no matter use or no use!! Another problem is over-diagnosis. Each hospital admission will be like an ‘old car complete overhaul’ ??

‘- it was reported that the overall profitability of life insurance and family takaful funds has increased to RM8.4 billion in the first half (1H) of 2024, as compared with RM6.0 billion in 1H 2023 and RM3.2 billion in 2H 2023, respectively.’
My take: Meeting KPI?? Over profiteering??
Another reason (not in the article), insurance premium is pooling of all $ plus margin of profit; no risk of losing investment.??

Now awaiting my Insurance company to come up with a new premium invoice..due by the end of the month. Sigh