I read from the news about a private school that was issuing fake degrees. Apparently many Singapore students did not know that they could buy insurance to protect their school fees. The question is this – would these students or their parents be willing to pay premium to get such insurance? They claim they were ignorant. Really?

It is quite hard to believe them. In Singapore context, many locals here do not care much about risk management. This is quite unlike in some western countries in which risk management is extremely important to them. Perhaps many years of being baby sat by the Nanny government has made locals here to be complacent. It is quite obvious, that our Nanny is getting a little old and has been using a hands-off approach in regulating the industry. Whether it is the Education industry, Property industry or the Financial industry – regulations were quite lax over the years. I am not sure is this good or bad. But for one thing – ignorant is not a good excuse. The lost of $18,000 in school fees is no big deal. The cost of being ignorant in risk management can be as high as a few million dollars in other circumstances. When that day come, would you say you were ignorant?