The New Zealand Government is reviewing its earthquake insurance scheme. It is using the actual experience of a recent earthquake in Canterbury to identify the actual problems that have been encountered and have identify practical solutions to these problems. They have also submitted their proposals for views from the insurance industry and the public.
I like this approach. It is so refreshing and is quite different from the way that decisions are taken in Singapore. While we also seek public consultation in Singapore, I get the sense that we are not identify the actual problems. Often we are dealing with theoretical problems and finding theoretical answers.