RE: “Insurers bow to public outcry, agree to phased premium hike” (The New Times, January 22).
We must thank The New Times for reporting and advocating for this concerning matter, and we must appreciate this step of implementing the increment in two phases.
However, it still doesn’t take away this higher price increase—which is still unfair. I’m still of the view that this matter be taken to Parliament for it’s clear that even the motor insurance policies and laws need some adjustments.
What I found strange and new in all this decision-debate is where the public fate is left to be decided by the private people, with only BNR acting as an observer. I’ve never seen this practice before.
BNR can’t be both an industry-booster and the guardian of the consumer interest. They are in a classical conflict-of-interest position.
And yet this is a perfect example of the consumer needing protection from an oligopolistic industry’s price-fixing—especially on a product that people are compelled to purchase by law.