NTU research on insurance

I read with interest on The Straits Times article that said NTU Associate Professor David Yee research showed that Singaporeans are grossly under-insured. I felt that the article did not come with sufficient details and data to support the claim, so I went to NTU website and did a search there. What I found was simply the Straits Times article again (NTU website: http://www3.ntu.edu.sg/CorpComms2/Documents/2009/Aug/ST_090821_B22_Sporeans%20grossly%20under-insured.pdf).

So I will make my comment on the article itself.

As a University report, I would expect that AP David Yee at least told us how he conducted the research, what are the underlying assumptions? How many people did he survey? How did he reach a conclusion that average Singaporean needs $495k insurance? What is the purpose of the research and who fund it?

Don't get me wrong, I think insurance is important. But without looking at individual needs and their actual situations and wealth portfolio, a blanket statement that $495k is needed is highly questionable. I am puzzled how the University allowed such under-research report be published? And worst still, put it on its website.

I suspect by now, most insurance agents in Singapore would already put that article in their briefcase ...