Do You Know About Insurance Detarification?
Detariffing’ is the act of removing the pricing regulations of an industry, set forth by tariffs created by a regulatory body, in this case Bank Negara. Detariffing allows an industry, like the car insurance companies to price their services at market value, as regulation is discontinued to promote open market pricing. Currently all car insurance companies offer the same regulated pricing/tariff for all car insurance policies.
Detariffing regime is an era whereby general insurance providers offering fire, engineering, medical claim and motor insurance have been given the freedom to decide the premium to be charged.
So, in the coming years if you are looking for car insurance or any other kind of insurance, be ready to be bombarded with questions in the detariffed regime. People seeking motor, fire, engineering and personal cover would be subjected to a rigorous enquiry, before being issued a policy, especially if they have a history of claiming damages, or in the case of the motor insurance, how many accident and theft claims you have made. So, this will make Malaysians become better drivers in order to get lower insurance premiums year on year.
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