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It is hoped that the latest move to increase premiums will put an end to the woes of the motor insurance industry. However, there are other issues which also need to be ironed out in tandem, chief among them, eliminating fraud.
THE good news for motor insurers is that they finally get to raise their premiums after 23 years. Not only that, a new motor insurance framework will also come into place.
If we remember, it has been more than a year since the hue and cry by various quarters, especially lawyers, over a proposal to cap compensation for third party bodily injury and death (TPBID) claims. Bank Negara Malaysia (BNM) subsequently engaged the various stakeholders to …