As 2024 ends, insurers fret over govt third-party insurance takeover

AS 2024 comes to an end, short-term insurers are under pressure to re-strategise over the government’s intention to control third-party insurance, it has emerged.

In the 2024 National Budget statement, Treasury noted that given the rise in the number of car accidents, it would assume third-party motor vehicle insurance for private and public motor vehicles.

However, to this day, local players are yet to receive any details on how this takeover will occur.

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