He said with the liberalisation of the motor vehicle insurance and takaful sector implemented in stages since July 1, 2017, the premiums should have been reduced significantly. However, he added, they are still high.

Citing statistics in his Facebook post today, Najib said the number of vehicle accidents had dropped by 26.3% last year when compared with 2019, while thefts were lower by 39% in the same period, attributing it to the movement control order.

“Car thefts have actually recorded a six-year downward trend as security systems have become sophisticated.

“So the question is if the accident and theft rates have gone down, and the insurance sector has been liberalised, why haven’t the insurance premiums gone down?

“This is unfair to motorists. Is there a price collusion in the motor vehicle insurance industry? If there is, this an offence under the Competition Act 2010.”

Najib said Bank Negara Malaysia ought to order the Malaysian Competition Commission, which is under its wing, to investigate so that consumers are not short-changed.

Najib was commenting on a reader’s comment in a news portal that said despite a liberalised market, most insurance providers were offering him a similar high quote for his sport utility vehicle, manufactured in 2009.