Bank Negara said this when asked for its response to an appeal by Persatuan Penghantar P-Hailing Malaysia (Penghantar), which urged the central bank to reassess insurance premium pricing practices for e-hailing drivers.
E-hailing insurance was introduced in Malaysia in 2017 as an add-on to a private car comprehensive policy to include the use of a personal car for e-hailing services. It provides additional coverage for passengers and personal accident coverage for drivers.
It is estimated that there are more than 100,000 e-hailing drivers in Malaysia.
Bank Negara said it was working closely with key stakeholders, including the Transport Ministry, Land Public Transport Agency (APAD), Road Transport Department (JPJ), and general insurance and takaful operators (GITOs) to address e-hailing issues and the broader ecosystem challenges.
Areas being studied include improving road safety, encouraging telematics adoption, enhancing data sharing, and reducing accident frequency.
The central bank said insurance premiums for e-hailing vehicles look at several market realities, such as significantly longer driving duration and mileage compared to private cars.
Rising repair and labour costs have also put pressure on the wider motor insurance segment.
rThe central bank said it has expanded engagements with various e-hailing associations to build greater understanding and awareness of e-hailing insurance, as well as to promote safer driving behaviours.
Meanwhile, the General Insurance Association of Malaysia (PIAM) and its member companies said that they fully support Bank Negara-led initiatives and collaborative efforts to ensure that e-hailing insurance remains accessible, sustainable, and competitively priced.
The association emphasized that it does not set or influence pricing decisions, noting that premiums are determined by individual risk-pricing models.
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