Insurance Industry writes new Chapter in transformation Journey in 2016
27 December 2016 | Source: Bernama
KUALA LUMPUR, Dec 27 (Bernama) -- Malaysia's insurance industry wrote itself a new chapter in its transformation journey with the introduction of the first phase of liberalisation of motor and fire insurance tariffs on July 1.

The detariffication exercise was finally put into action after discussions between industry players and Bank Negara Malaysia (BNM) was initiated in 2013.

With the first phase of detariffication, insurers are allowed to adopt risk-based pricing on its products, for which premiums would be priced according to differentiated risk profiles of consumers.....


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