In a statement today, Prudential said the measures ensured the insurance and takaful industry would responsibly and transparently implement adjustments to medical premiums.

“We have been reaching out to policyholders in stages since March 18 with notifications detailing the measures, with updated premium and insurance charges,” it said.

The insurer said the medical inflation rate for its PRUHealth medical plan was primarily driven by increases in the number of customer claims and the average claim amount.

Yesterday, Bayan Baru MP Sim Tze Tzin called on the insurance company to clarify the reason for its recent raise in medical insurance premiums.

He accepted the insurance company’s explanation today.

“Every insurance and takaful operator must also adhere to the same interim measures set by BNM.

“PKR will continue to keep tabs on insurance operators and will not hesitate to speak out for the people if we receive more complaints,” he told FMT.

The interim measures laid out in December require insurers, among others, to provide alternative products at the same or lower price to those who wish to terminate their repriced subscriptions.

They also include requiring insurers and takaful operators to spread out the changes in premiums over a minimum of three years for all affected policyholders.