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New Straits Times
05-05-2025
- Business
- New Straits Times
Sharp insurance premium hikes for senior citizens irrational, says MP
KUALA LUMPUR: Bayan Baru Member of Parliament Sim Tze Tzin has criticised the sharp insurance premium hikes for seniors, arguing that the combined impact of age bracket changes and medical repricing in the same year imposes a heavy financial strain. Sim said insurance companies offer cheaper plans when customers are younger but drastically raise premiums once they turn 60 and above, using the excuse of "age bracket." He said although an interim measure by Bank Negara Malaysia caps premium increases at no more than 10 per cent, it does not apply to increases due to 'age brackets' or 'age bands', which refer to changes in age categories within insurance policies. "Logically, a policyholder only becomes one day older after their birthday, yet their insurance premium can rise by 40 per cent to 50 per cent simply for moving into a new age bracket. "This is irrational. "Insurance companies offer cheaper plans when customers are younger but drastically raise premiums once they turn 60 and above, using the excuse of 'age bracket.' "More worryingly, these increases happen when individuals have retired, no longer have a fixed income, and depend solely on their EPF savings. "In the end, senior citizens are forced into a cruel choice (of either) pay an exorbitant premium or give up the coverage they've maintained for decades," he said in a statement. Sim cited a case of one policyholder, aged 61, who had made a complaint after receiving a notice of an increase for his insurance premium amounting to RM3,023 for a supposed "transition to the next age bracket." His insurance medical repricing also amounted to RM906. "Another policyholder, aged 65, purchased an insurance plan in 2008. "In 2025, he paid a premium of RM9,019.50. "However, for 2026, the insurance company raised the premium by RM4,099.50 (a 45 per cent increase) solely due to the 'age bracket' factor," he said. He called for BNM to implement a comprehensive reform of the insurance premium pricing mechanism, especially regarding the steep changes linked to age brackets. In December, BNM announced that insurers had agreed to spread the increase in insurance premiums over a minimum of three years, limiting the annual rise to under 10 per cent. This interim measure, which will remain in place until the end of 2026, is expected to ensure that at least 80 per cent of policyholders will experience annual premium adjustments of less than 10 per cent, in line with medical claims inflation. In March, Finance Minister II Datuk Seri Amir Hamzah Azizan said the government, in collaboration with key stakeholders, is implementing long-term solutions to control the rising costs of healthcare.
Free Malaysia Today
05-05-2025
- Business
- Free Malaysia Today
Age-based premium hikes for senior citizens make no sense, says Sim
Bayan Baru MP Sim Tze Tzin urged Bank Negara to reform the insurance premium pricing mechanism, especially concerning sharp age-based increases. PETALING JAYA : Bayan Baru MP Sim Tze Tzin has criticised the sharp increase in insurance premiums based on age, citing the financial burden it imposes on senior citizens. Sim questioned the logic of raising premiums up to 50% when policyholders move into new age brackets. He noted that while Bank Negara Malaysia's interim measures cap increases at 10%, such safeguards do not apply to hikes resulting from age bracket changes. He said one policyholder, aged 61, had made a complaint after receiving a notice of increase for his insurance premium amounting to RM3,023 for a supposed 'transition to the next age bracket'. 'Another policyholder, aged 65, who purchased the plan in 2008, was told the premium will increase by RM4,099 next year – a 45% increase solely for an 'age bracket' change. 'Insurance companies offer affordable plans to customers when they are young, then drastically increase the premiums once they are 60 years old and above, justifying them with the 'age bracket changes',' he said in a statement today. Sim said the current system penalises retirees by imposing steep premium increases at a time when they no longer have a stable income and are forced to rely on their EPF savings. 'Logically, even though policyholders only become one day older after their birthday, their insurance premiums can still (immediately) spike by 40% to 50% just because they have moved to the next age bracket. 'This makes no sense,' he said. He urged BNM to reform the insurance premium pricing mechanism, especially concerning sharp age-based increases. 'Senior citizens must be protected, not victimised. It is time for the insurance industry to prioritise fairness and humanity, not just profit,' he said. Previously, Prudential Malaysia said medical insurance premiums would be increased due to a rise in claims, as the average number of claims has risen by 19.6% compared with a year ago. The insurer said the increasing costs may warrant an annual review of medical plans and insurance charges to ensure policyholders are well protected. At the time, Sim accepted the insurance company's justification and assurance that the changes made were in line with the interim measures imposed by BNM.
Hans India
02-05-2025
- Business
- Hans India
Adani Ports logs record Rs 11,061-cr PAT in FY25
Ahmedabad: Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday reported an all-time high profit after tax (PAT) at Rs11,061 crore in FY25, up 37 per cent year-on-year. On a quarterly basis, the flagship company of the Adani Group posted an impressive 50 per cent PAT growth at Rs3,023 crore in Q4, up from Rs2,015 crore in the same period in FY24. Operating revenue grew by 16 per cent YoY to Rs31,079 crore in FY25, while domestic ports revenue increased 12 per cent to Rs22,740 crore (year-on-year). EBITDA was up 20 per cent at Rs19,025 crore (on-year). 'Our record-breaking performance in FY25, crossing Rs11,000 crore in PAT and handling 450 MMT cargo, is a testament to the power of integrated thinking and flawless execution,' APSEZ Whole-time Director and CEO, Ashwani Gupta, said. 'We have outperformed guidance across all metrics, expanded our footprint across India and globally, and transformed our logistics and marine verticals into engines of future growth,' he added. Mundra became the first port in India to cross 200MMT in a single year. Gupta further added that from Mundra Port crossing 200 MMT, to Vizhinjam Port rapidly achieving 100,000 TEUs, to the strategic acquisitions of NQXT and Astro Offshore — every milestone reflects our long-term vision to become the world's largest ports and logistics platform. For FY25, the APSEZ Board has recommended a dividend of Rs7 per share – a payout of Rs1,500 crore.
New Straits Times
22-04-2025
- Business
- New Straits Times
RM15,000 bait leads to engineer losing RM1.1mil in investment scam
KUANTAN: Enticed by a RM15,000 profit he made from an online investment scheme, an engineer fell victim to a meticulously planned scam that cost him a staggering RM1.1 million in losses. The 36-year-old victim not only utilised his own savings but money borrowed from his family members and relatives in the incident which has turned into a nightmare. Pahang police chief Datuk Seri Yahaya Othman said the victim joined the online investment scheme known as "Boom-s" on Dec 3 last year. "The victim claimed that an 'administrator' taught him to use the investment application and made 19 transactions amounting to RM1.1 million into seven separate bank accounts. "He earned RM15,023 in profit, which he managed to withdraw. The investment scheme's administrator then told the victim that he had secured more than RM4 million profit but gave various reasons when the victim attempted to withdraw the cash he had made," he said in a statement today. Yahaya said the victim lodged a police report yesterday after he failed to gain any returns as had been promised by the administrator. He urged the public to exercise caution and verify the legitimacy of any online investment opportunities, to avoid falling prey to similar scams.
Zawya
28-03-2025
- Business
- Zawya
Qatar Islamic Insurance Group AGM proposes cash dividend of 50% of paid-up capital
Doha, Qatar: Qatar Islamic Insurance Group convened its Annual General Assembly Meeting for the year 2024, yesterday. The Board proposed to the assembly distribution of cash dividends of 50% of the paid-up capital, which equals QR0.50 per share for the year 2024. Addressing the Annual General Assembly, Jamal Abdulla Ahmad Al Jamal, Chairman of the Board said, 'It is with great honour that I welcome you, on behalf of the Board of Directors, to the Annual General Assembly of Qatar Islamic Insurance Group. The Group has been able, thanks to God Almighty, register good results in 2024. It is gratifying to announce that the Group succeeded in exceeding its business and operational goals and targets in 2024 by generating gross premium of QR551,135,023, shareholders' profit reached QR143,696,714. The shareholders' account has achieved (EPS) of 0.96 for 2024 comparing to 0.95 for the year 2023 with growth ration 1%, he added. As for the future, the Board will pursue, with unwavering determination, the Group's strategic plans for the Years 2025 – 2027 to ensure its continued growth and prosperity. Jamal Abdulla Ahmad Al Jamal further noted 'Our approved three year strategic plan and goals will permit us to increase our share of insurance business in Qatar, maximize our insurance underwriting capacities, retention and profit efficiency, re-engineer our motor insurance operations, maximize the efficiency of our investment assets diversification and profitability, rise the Qatarization percentage.' Based on the aforementioned results, the Board of Directors, in co-ordination with the Sharia' Supervisory Board, has decided to reimburse policyholders with cash surplus equaling 5% of the premiums written in 2023 . 'As for the shareholders, the Board proposes to the Assembly distribution of cash dividends of 50% of the paid-up capital, which equals QR0.50 per share for the year 2024.' 'Although we recognize that 2025 will pose a real challenge to the Qatari Private Sector and, especially, competition between insurance companies and other challenges, however, we will strive to exceed this year, products during the Group's offerings and display and that meet the needs of customers,' he added. 'We express our profound gratitude and deepest respects to H H the Amir and H E the Prime Minister for their unwavering support and endless encouragement. We give our sincere thanks to Qatar Central Bank, the Ministry Commerce and Industry, Qatar Financial Markets Authority, Edaa Company and our Sharia Supervisory Board, policyholders and shareholders.' 'Last, but not least, we convey our genuine appreciation to the General Management and staff of the Group for their wholehearted devotion and dedication. I would also like to extend my sincere thanks to all Board Members, directors and all its committees for their effort during 2024,' Chairman of the Board said. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. ( The Peninsula Newspaper
