29 October, 2026

The Dark Arts of Rhetoric: Why the Worst People are Often the Best Speakers

There is an uncomfortable truth about great oratory.  The most compelling speakers in history were not always its greatest men.  They were, in many cases, its most dangerous.  This is my take on rhetoric as I understand it, not the feel-good tripe Toastmasters feeds people.  Rhetoric is a weapon, just like a knife or a gun.  It can be used for any cause.  If Toastmasters has proven anything to me, it is that simple minds are easily moved by flowery words – even when the underlying ideas are meaningless.  Now, imagine if those ideas are dangerous, not merely stupid.

Adolf Hitler could not run a country.  He could not manage a war.  He was, by all objective measures, a mediocre administrator who nearly destroyed an entire continent through sheer incompetence.  Yet he held an audience of 100,000 people in absolute thrall.  Helene Bertha Amalie “Leni” Riefenstahl’s 1935 documentary, Triumph of the Will, captured what that looked like: a stadium full of human beings reduced to a single organism, breathing in unison, surrendered entirely to one voice.  That is not leadership.  That is rhetoric weaponised.  And if you cannot recognise it when it is happening to you, you are the next victim.

What is Rhetoric

Rhetoric is not the art of sounding good.  It is the art of moving people.  Plato, Aristotle, and Socrates treated it as one of three pillars of a civilised man, alongside ethics and logic.  The Aristotelian model divides persuasion into three elements: logos (logical argument), ethos (credibility), and pathos (emotional appeal).  Every speech ever made draws on some combination of the three.

The Greek word logos means “reason”, “appeal”, or “discourse”.  The Gospel of John opens, “In the beginning was the Word” — “Ἐν ἀρχῇ ἦν ὁ λόγος”.  The translators struggled because logos means more than “word”.  It means the governing principle of the universe.  When a demagogue tells you he alone has the answer, he is doing something structurally identical: positioning himself as the logos of the political moment.

Ethos is the ethics of argumentation.  Niccolò di Bernardo dei Machiavelli wrote in Il Principe, “So much depends on reputation — guard it with your life.”  Your credibility as a speaker is half the battle before you open your mouth.  The audience decides whether to trust you within the first thirty seconds.  Everything after that is confirmation bias.

Pathos is the Greek word for suffering.  It is the appeal to emotion.  The uncomfortable truth is that human beings are not rational creatures who occasionally feel things.  They are emotional creatures who occasionally think rationally.  Every skilled communicator — honest or malicious — knows this.

The Mechanics of Manipulation

The Anchor

The most important moment in any speech is the first sentence.  Not because it sets the tone — that is the conventional wisdom.  Because it sets the frame.  Cognitive science calls this “anchoring”.  The first piece of information a person receives becomes the reference point against which all subsequent information is evaluated.  A skilled speaker plants that anchor deliberately, then builds every argument around it.  Adolf Hitler’s speeches invariably began with Germany’s humiliation.  The Treaty of Versailles.  The stab in the back.  Every policy, every promise, every enemy existed in relation to that anchor.  He did not have to make rational arguments.  He simply had to remind his audience of the wound, and they would accept any proposed cure.

Donald John Trump does the same thing.  “American carnage.”  That was the opening of his 2017 inaugural address.  The country was broken.  Only he could fix it.  The anchor was set before the first paragraph was complete.

Simple Language

There is a reason neither Hitler nor Trump spoke in complex sentences.  Research by the American political scientist Dr Drew Westen, published in The Political Brain (2007), demonstrated that voters make political decisions based on emotional response, not policy analysis.  Complexity is the enemy of emotion.  Simplicity is its carrier.  Trump’s vocabulary in his 2016 campaign speeches tested at a sixth-grade reading level — lower than any major presidential candidate in the previous forty years, according to a Politico analysis of debate transcripts.  This was not stupidity.  It was professional competence.  Simple words travel faster.  They cross demographic lines.  They stick.

Hitler’s speechwriter, Maximilian Amann, later noted that Hitler never used technical language in public.  Every idea had to be reducible to a slogan.  “Ein Volk, ein Reich, ein Führer.”  One people, one nation, one leader.  Twelve syllables.  A complete political programme.

Never Appeal to Charity

This is the mistake that defeats most salespeople, most politicians, and most leaders.  Do not tell people what is good for society.  Do not appeal to their altruism, their decency, or their compassion.  None of this moves human beings.  Tell them what they personally gain.  Calculate their self-interest.  Structure your argument around it.  Hitler did not ask Germans to sacrifice for some abstract principle.  He told them they would be restored.  Their greatness would be returned.  Their enemies would pay.

Marc Antony understood this in 44 BC.  After Julius Caesar’s assassination, Antony faced a Roman crowd that had welcomed the conspirators.  He did not argue Caesar’s case directly.  He read Caesar’s will, which left money and gardens to the Roman people.  He made it personal.  He made it financial.  The crowd burned the Senate.  William Shakespeare captured the psychology: “Friends, Romans, countrymen, lend me your ears; I come to bury Caesar, not to praise him.”  That opening is a masterpiece of misdirection.  By declaring he will not praise Caesar, Antony removes the audience’s defences.  What follows is anything but neutral.

People Cannot be Told What to Do

Effective manipulators do not issue orders.  They ask leading questions.  They make suggestions.  They arrange circumstances so that the target reaches the predetermined conclusion independently, and therefore owns it.  Hitler rarely commanded his inner circle directly.  He expressed preferences, made his displeasure known, and allowed subordinates to compete to please him — a system that historian Sir Ian Kershaw called “working towards the Führer”.  The result was that his followers enforced his agenda more zealously than any direct order could have produced.  Trump operates identically.  He does not say, “Do this illegal thing.”  He says, “Someone should look into that.”  He plants the seed and lets the audience water it.  The principle is this: people fight harder for conclusions they believe they reached themselves.

The Three Case Studies

Adolf Hitler: The Power of the Voice

Hitler was, by the assessment of contemporaries who despised everything he stood for, an extraordinary orator.  The British historian Alan Louis Charles Bullock, Baron Bullock of Leafield, writing in Hitler: A Study in Tyranny (1952), noted that his voice had a hypnotic quality that transcended the content of what he said.  He used silence.  Long pauses before the climactic phrase.  The audience filled those silences with their own anxiety, and then received the demagogue’s conclusion as relief.  He mirrored the audience’s existing feelings.

He did not create resentment.  He named resentment that already existed and gave it a target.  The audience believed the demagogue understood them.  In fact, he simply told them what they already believed, in the most validating terms available.  He created an in-group.  Every mention of the enemy had the structural effect of reinforcing who was not the enemy.  The audience became a community through shared hatred.  The result was a collapse of individual critical thinking.  People who later described themselves as reasonable, educated individuals remembered standing in crowds and screaming.  They could not explain why.  That is not coincidence.  That is engineering.

Donald John Trump: The Art of Repetition

Trump’s rhetorical strategy is, in several respects, more sophisticated than Hitler’s — because it functions in a media environment that Hitler never faced.  Trump understood, before almost any other political figure of his era, that the twenty-four-hour news cycle rewards disruption over substance.  Every outrageous statement generated coverage.  Coverage generated name recognition.  Name recognition generated votes.  The psychological phenomenon known as the “illusory truth effect” — documented by Lynn Hasher, David Goldstein and Dr Thomas Toppino in a 1977 study published in the Journal of Experimental Psychology — demonstrates that repeated exposure to a statement increases the likelihood that a person will judge it true, regardless of whether it actually is.  Trump repeated his core claims with a consistency that bordered on liturgical.  His audience eventually stopped fact-checking and started reciting.

By assigning reductive nicknames — “Sleepy Joe”, “Crooked Hillary” — Trump reduced complex political figures to a single attribute and made it socially contagious.  This is branding applied to political destruction.  He also performed victimhood at a scale no previous American president had attempted.  His followers were not following a strong man.  They were following someone who claimed, credibly, to share their sense of being wronged.

Benito Amilcare Andrea Mussolini: The Theatre of Power

The third case study belongs here for a specific reason: Benito Mussolini invented the playbook that both Hitler and Trump borrowed from.  Mussolini understood that rhetoric is inseparable from performance.  He designed his public persona with the deliberateness of a stage director.  The jutting jaw.  The upraised fist.  The balcony.  The crowd below.  He had himself photographed from below to appear larger.  Every element was calibrated.

He is also the originator of one of the most durable rhetorical techniques in authoritarian politics: the deliberate contradiction.  Mussolini would make two contradictory promises in the same speech and then accuse anyone who noticed of bad faith.  The contradiction was not a weakness.  It was the point.  It demonstrated that he operated outside the normal rules of logical discourse — and therefore outside the normal rules of accountability.  The technique survives.  It is alive and well.

How Not to Be Manipulated

The uncomfortable conclusion is that rhetoric is value-neutral.  The same techniques Hitler used to mobilise a nation toward genocide, Prime Minister Jacinda Kate Laurell Ardern used at the Christchurch memorial in March 2019 to hold a country together.  She used allusion — the Arabic greeting as-Salaamu’Alaykum — to signal inclusion rather than exclusion.  Same tool.  Opposite purpose.  The question is never whether rhetoric is being used.  It is always being used.  The question is whether you can see it.

Watch the anchor.  The first thing a speaker tells you is the most important thing they want you to believe.  Evaluate it separately.  Ask: Is this actually true?

Notice the absence of facts.  Demagogues deal in emotion, not evidence.  If a speaker has moved you deeply but you cannot identify a single verifiable claim they made, that is a warning sign.

Identify the in-group.  Every populist narrative creates an in-group and an out-group.  Ask: who is the enemy?  Ask who benefits from your belief in that enemy.

Apply the self-interest test.  Ask what the speaker personally gains from your agreement.

Be suspicious of simplicity.  The world is not simple.  If an argument makes it sound completely simple — one enemy, one solution, one leader — it is almost certainly incomplete.

Seek the strongest counterargument.  Not the version the speaker presents, which they chose for its vulnerability.  Find the best opposing case.  If you cannot articulate it, you do not understand the issue well enough to have a strong opinion on it.

The Lesson

Aristotle wrote the first systematic treatise on rhetoric in the fourth century BC.  He understood that rhetoric was not inherently dangerous.  What was dangerous was ignorance of it.  An audience that cannot recognise rhetorical technique cannot defend against it.  An audience that understands how anchoring works, how pathos functions, how simple language bypasses critical thought — that audience is significantly harder to manipulate.

The dark arts are not dark because of the tools.  They are dark because of the ends to which they are put.  And the only reliable defence is literacy — the ability to read a speech the way you read a contract: looking for the clause that was designed to be overlooked.  The finest speakers in history understood that language is power.  The finest listeners understood that power requires accountability.  Learn both.  You will need them.


Terence Nunis, DTM | Division Advisor, District 80 Division M | Club Advisor, AIA Toastmasters | Past President & Founder, Awesome Toastmasters



Forbes 30 Under 30: The Most Prestigious Scam in Business Media

Forbes selects 600 Americans each year for its 30 Under 30 list.  Add the Asia, Europe, and Africa editions, and the number approaches 1,230 annually.  Since the list launched in 2011, Forbes has processed over 100,000 nominations.  It calls this rigorous.  The United States Department of Justice calls it a talent pipeline.

The selection process works as follows.  Anyone can nominate anyone.  Forbes editors, celebrity judges, and industry experts then review nominations against stated criteria of innovation, impact, and leadership.  Nobody defines those terms.  Nobody audits the underlying numbers.  Nobody checks whether the company generating the impressive revenue figures actually has the customers it claims.  The list rewards visibility and narrative.  It does not reward verification.

The Selection Problem

The nominations process is not a rigorous assessment of achievement.  It is a system heavily influenced by public relations firms, venture capital firms nominating their own portfolio companies, and networks of people who know how to work the room.  The result reliably over-represents people with access to good publicists, well-connected investors, and the right social circles — which correlates imperfectly at best with actual accomplishment or long-term impact.

The demographic skew is consistent.  Founders of companies that have raised significant venture capital are systematically over-represented, regardless of whether those companies are profitable, sustainable, or have delivered on their stated mission.  A 27-year-old who has raised US$10 million from a recognisable venture capital firm and generated no revenue is more likely to appear than a 28-year-old who has built a profitable business serving 50,000 customers without institutional backing.  Forbes is not selecting for achievement.  It is selecting for the appearance of achievement.

The Asia edition compounds the problem.  It operates in markets where the pool of prominent young achievers is smaller, where the public relations infrastructure for nominations is less developed, and where editorial rigour applied to nominations is thinner.  The Asia list regularly includes people whose primary achievement is having been nominated effectively, rather than having done something materially significant.  That is a polished way of saying the bar is lower and the gatekeeping is weaker.

The Predictive Value Problem

The more damning indictment is the list’s track record as a predictor of actual success.  Studies examining the subsequent careers of 30 Under 30 honorees found that the correlation between appearing on the list and building a significant business is weak.  A meaningful number of honorees have founded companies that failed, faced fraud allegations, or faded into obscurity.  The list captures a moment of perceived promise, not a verified record of achievement.

Elizabeth Anne Holmes appeared on Forbes lists for years and was celebrated as a visionary entrepreneur while her company, Theranos, committed fraud on a staggering scale.  The Forbes ecosystem — the lists, the covers, the conferences — was not merely wrong about Holmes.  It was an active participant in constructing the credibility that made her fraud possible.  Investors trusted Forbes’s validation.  Hundreds of millions of dollars followed that trust.  The validation was worthless.

Then came Samuel Benjamin Bankman-Fried, founder of FTX, on the 2021 Finance list.  Sentenced in March 2024 to 25 years in prison and ordered to forfeit US$11 billion.  The DOJ found he had misappropriated more than US$8 billion of customer funds — used to bribe Chinese government officials, finance a luxury Caribbean property, and make illegal political donations.  His then-girlfriend, Caroline Ellison, chief executive officer of Alameda Research, appeared on the 2022 list.  She began serving a two-year sentence in November 2024 after cooperating with prosecutors against Bankman-Fried.  Two Forbes alumni.  One collapse.  US$8 billion gone.

Charlotte “Charlie” Javice appeared on the 2019 Finance list as founder of Frank, a financial aid startup.  JPMorgan Chase acquired Frank in 2021 for US$175 million, based on Frank claiming 4.25 million users.  The actual figure was approximately 300,000.  Javice had fabricated the data set.  A jury convicted her in September 2025 of conspiracy, wire fraud, bank fraud, and securities fraud.  She received 85 months in prison and more than US$300 million in restitution.  JPMorgan paid US$175 million for a spreadsheet and a Forbes listing.

Martin Shkreli appeared on the 2013 Finance list.  He later acquired the rights to Daraprim — a medication critical to HIV patients — and raised the price from US$13.50 per tablet to US$750 overnight, a 5,455 per cent increase.  A federal jury convicted him in 2017 on two counts of securities fraud and one count of conspiracy.  He received seven years in prison, a US$75,000 fine, US$7.3 million in forfeiture, and a lifetime ban from the pharmaceutical industry.  Forbes had named him an innovator.

Joanna Smith-Griffin appeared on the 2021 list as founder of AllHere Education, an artificial intelligence education startup.  Prosecutors arrested her and charged her with securities fraud, wire fraud, and identity theft after alleging she inflated the company’s financials to secure millions from investors.

Nate Paul — born Natin Paul — appeared on the 2016 list.  He faced 12 federal wire fraud counts related to making false statements to financial institutions about US$172 million in loans, inflating assets, and understating liabilities.  He pleaded guilty to one count in 2025.

Forbes published its own “Hall of Shame” in November 2023, listing ten honorees as, in its words, picks it wished it could take back.  The publication that built a brand on identifying exceptional young talent created a supplementary list for the ones it regrets identifying.  That is not a quality-control measure.  That is a confession.

The Incentive Structure

Forbes has a direct commercial interest in the list that has nothing to do with identifying genuine talent.  The list generates advertising revenue from the companies and investors associated with honorees.  The 30 Under 30 Summit — the conference built around the list — generates ticket revenue and sponsorship from the same venture capital firms and corporations whose portfolio companies appear on the list.  This is not a conspiracy.  It is an incentive structure that reliably produces a particular outcome.

The more interesting question is why the business media ecosystem continues to treat it as a meaningful credential.  The answer is circular.  It is treated as meaningful because enough people treat it as meaningful, which makes appearing on it useful, which creates demand for the nominations process, which generates revenue for Forbes, which funds the next list.

The “fake it until you make it” philosophy is not an unfortunate side effect of youth culture.  It is the operating model that a list like this actively selects for.  To appear impressive at 27, you must have already convinced sophisticated investors, journalists, and judges that you are impressive.  The easiest way to do that — if the underlying business does not support the narrative — is to lie.  Forbes does not catch the lies.  The DOJ does, eventually, at greater cost to everyone involved.

The Assessment

A Forbes 30 Under 30 listing is evidence that someone built a credible story before the age of 30.  Nothing more.  It is not evidence of integrity, sustainability, or competence.  Several of the most consequential frauds of the past decade wore it as a badge.  The list is a marketing product that benefits Forbes, the honorees, and their backers.  It occasionally identifies people who go on to do significant things — but so would a random sample of ambitious 25-year-olds with access to capital.  The list adds no analytical value beyond the network effects it generates for those on it.  The joke is on the people who take it seriously.


Terence Nunis | Executive Chairman, Equinox Zenith | Author, The 1% Playbook: The Billionaire Cheat Code



28 October, 2026

The Hostage Exchange: Group Medical Renewal in Singapore

Singapore’s group medical insurers lost 2.8 cents on every premium dollar over ten years.  Then they sent the invoice.  Employers now open renewal letters the way patients open biopsy results.  Group medical is a large, quiet business.  The Life Insurance Association, Singapore reports S$2.83 billion of in-force group life and health premiums at the third quarter of 2025, up 15 per cent in a year.  Group accident and health makes up 74.5 per cent of that, about S$2.1 billion.  Ten insurers write more than 95 per cent of group medical premiums.  Nearly 20 others share the rest.  The market is concentrated, and the economics are brutal.

The Singapore Actuarial Society compiled the premium dollar for 2016 to 2025.  Claims took 81.1 cents.  Distribution took 11.0 cents.  Operating expenses took 10.8 cents.  Profit was minus 2.8 cents.  The ten-year underwriting margin is at minus 2.8 per cent.  Integrated Shield Plans managed plus 0.5 per cent.  Costs other than claims eat 21.8 cents of each dollar.  An insurer needs a loss ratio below 78.2 per cent to break even.  The industry ran 81.1.  An insurer that loses money for a decade is not running a business.  It is running a hobby with a regulator.

Why do employers buy?  Medical benefits recruit and retain talent.  Financial institutions and tech companies reportedly offer the most generous plans.  Group plans renew every year or two.  They underwrite the workforce collectively and cover pre-existing conditions.  Group medical insurance is far more competitive than individual plans.  Employers buy at scale and negotiate on price.  Thin margins follow.  The national system adds overlap.  MediShield Life covers every citizen and permanent resident.  About 3.0 million residents, 71 per cent, hold an Integrated Shield Plan on top.  Then the employer adds a group plan.  One appendix can be insured three times.  It can also be claimed three times.  Individual health claims reached S$1,447.8 million in the first half of 2026.  Integrated Shield Plans and riders paid S$1,373.7 million of that, about 95 per cent.  Group plans cover the same patients.

The Premium Problem

Group-health premiums rise 15 to 20 per cent a year on average.  One outsized claims year pushes a renewal past 20.  The cause is not a mystery.  It is a medical trend.  WTW puts Singapore’s gross medical trend at 12.3 per cent in 2024, 15.5 per cent in 2025, and 16.9 per cent in 2026.  Mercer Marsh Benefits projects 14.0 per cent for 2026.  Aon projects 13.0 per cent.  Singapore’s general inflation is about 1.5 per cent.  Medical costs rise at nine to eleven times the rate of everything else.  Aon expects Singapore to climb to 14.7 per cent in 2027, from 13 per cent in 2026, while Asia-Pacific falls to 9.7 per cent, from 11.3 per cent.  Singapore is the exception, and not a flattering one.  Compounding does the damage.  Start with a S$1 million premium.  At 15 per cent a year, it becomes S$2.0 million in five years.  At 20 per cent, it becomes S$2.5 million.  Nobody budgeted for that.  Nobody puts it in the offer letter.

The Causes

Claims.  Escalating claims and the rising cost of care, usually in private settings, drive the increases.  Cardiovascular and respiratory diseases are the top drivers of higher claims, according to Aon’s study.  WTW adds that 77 per cent of insurers name new medical technology as the main reason for medical inflation.

First-dollar cover.  Plans offering first-dollar coverage can see higher utilisation.  Some employees treat the corporate plan as their main source of healthcare financing.  Free care is the most expensive phrase in medicine.

Fragmented care.  Healthcare inflation is not driven only by the cost of care.  Patients bypass primary care, undergo unnecessary tests, and seek treatment in higher-cost settings.  The cost is set well before the claim is filed.

Insurer repair.  Insurers rebuilding profitability would keep trend rates in double digits for 2025 and 2026.  Insurers lost 2.8 cents per dollar.  They are recovering it from your renewal.

Annual repricing.  Group policies renew every year or two.  They cannot build long-term pricing buffers.  Even modest gaps between actual claims and pricing assumptions hit profitability.  Insurers price defensively and reprice early.

The rider reform.  From 1st April 2026, the Ministry of Health no longer lets new Integrated Shield riders cover the deductible, which ranges from S$1,500 to S$3,500.  The minimum co-payment cap doubles from S$3,000 to S$6,000.  New riders cost about 30 per cent less.  A private-hospital patient can now face up to S$9,500 a year out of pocket.  Employees will lean on the group plan to fill the gap.  This is first-payer burn: the group plan pays first, and pays for what the rider no longer covers.  A group plan that refunds the deductible cancels the cost-sharing the regulator just imposed.  The shift will be slow.  Buyers from 27th November 2025 must move to compliant riders by their first renewal after 1st April 2028, and insurers decide how to treat older riders.

The employer squeeze.  Employers face revenue pressure while benefit costs rise at a far greater rate.  Few adopt cost-sharing.  They fear cutting benefits that staff have grown used to.  The insurer is slow, the employer is timid, and the employee is delighted.

The Strategies

Insurers will not rescue you.  Regulators will not rescue you.  Your employees, who treat the benefit as free, will not rescue you.  That leaves three levers, and you hold all of them.  Pull them in order.  Price comes first, because the renewal is the only invoice that arrives with a deadline.  The working case below carries through the section.  Take 500 employees and a group plan at S$1,000 a head.  The premium is S$500,000.  At the industry’s 81.1 per cent loss ratio, claims are about S$405,500.  At 15 per cent annual increases, the premium reaches about S$1.0 million in five years.  Every strategy below acts on one of those numbers.

Strategy One: Share the Bill

The principle.  Free care invites use.  Priced care invites a question.  Cost-sharing restores it: “Do I need this?”

The evidence.  From 1974, the RAND Health Insurance Experiment randomly assigned thousands of Americans to free care or to plans with coinsurance of 25, 50, or 95 per cent.  Participants at 25 per cent coinsurance spent about 20 per cent less than those with free care.  Participants at 95 per cent spent about 30 per cent less.  The savings came from fewer visits and fewer admissions, not from lower prices.  Health outcomes stayed the same for most people.  The sickest and poorest did worse.  Two cautions follow.  The study ran in the United States, decades ago.  It also found that cost-sharing cut useful and useless care in about equal measure.  A blunt co-payment is a cheap tool, not a clever one.

The price.  Apply a 10 per cent cut in claims to the working case.  Claims fall by about S$40,550.  If the insurer holds the loss ratio, the premium falls 10 per cent, to S$450,000.  Grow that at 15 per cent for five years, and it reaches about S$905,000, not S$1.0 million.  The saving in year five is about S$100,000.  This is an illustration.  It assumes full repricing by the insurer, and insurers rarely oblige at the first renewal.  The base still compounds in your favour.

The design.  Build it in five parts.

First, set a modest deductible or co-payment on outpatient and specialist visits.  Small amounts change behaviour.  Large amounts delay care that should not wait.

Second, use panel clinics and pre-authorisation for private-hospital admissions.  Pre-authorisation separates the elective from the urgent.

Third, exempt chronic-disease management from cost-sharing.  Finance Directors will object.  Prevention is cheaper than the admission it avoids.  Charge for the convenience visit.  Do not charge for the blood-pressure check.

Fourth, coordinate with the Integrated Shield Plan.  Make it the first payer where it exists.  Your group plan should cover the gap, not duplicate the layer.

Fifth, never refund the deductible.  The regulator imposed that friction on purpose.  A group plan that refunds it cancels the reform.

The politics.  Employees dislike losing benefits more than they like gaining them.  Manage the change.  Announce it a quarter early.  Pair it with something visible, such as a better primary-care benefit.  Show staff the premium history.  Few employees know that the plan costs 15 to 20 per cent more every year.

Strategy Two: Own the Data and Restructure the Risk

The principle.  Your claims history sets your price.  The insurer holds the data, and you hold the bill.  Reverse that asymmetry.

Know the ratio.  The industry ran 81.1 per cent against a break-even of 78.2.  Compare your own.  Use these bands as rules of thumb, not law.  Below 78 per cent, you have pricing power.  Between 78 and 90, you are an average account and will take the average increase.  Above 90, you are the subsidy.  The insurer will surcharge you, and it will be right to.  Ask for the ratio by month, by condition, and by claimant band.  Demand three years.

Find the few who drive the many.  Claims typically concentrate in a small share of claimants.  Ask your insurer for your own figures.  Request an anonymised report on the top ten claims by value.  Cancer, cardiovascular, and musculoskeletal claims deserve their own lines.  Aon names cardiovascular and respiratory disease as the top drivers.  If one condition dominates, you have found your Strategy Three target.

Tender widely.  Invite at least four insurers to quote.  Give them identical data.  Ask each for a two-year rate commitment, and ask for a written renewal formula.  Insurers dislike both requests.  Make them anyway.  Annual repricing is the mechanism that lets insurers recover their 2.8-cent loss from you, one renewal at a time.

Question the intermediary.  Distribution takes 11.0 cents of each premium dollar.  On the working case, that is about S$55,000 a year.  Ask your broker how the firm is paid.  Compare a commission with a fee.  A fee that is lower than the commission is a saving.  A fee that is higher buys independence, and independence is worth money only if it is used.

Restructure the risk.  Larger employers can retain more of it.  Three tools exist.  A higher deductible at the policy level makes you pay the small claims.  Stop-loss coverage insures the large claims.  Pooling shares the shocks across a network or a captive.  You pay for the predictable, and the insurer covers the volatile.  The insurer stops charging a margin for volatility that you can absorb.  The trade is variance.  A bad year hurts.  This route needs an actuary, a stable workforce, and a Chief Financial Officer who sleeps well.  Do not attempt it with a spreadsheet and optimism.

Mind the tax cap.  The deduction caps at 1 per cent of total employee remuneration, or 2 per cent with portable medical benefits or ad-hoc MediSave contributions.  Under the working case, the 1 per cent cap is S$400,000 on a S$40 million payroll.  The S$500,000 premium already exceeds it.  By year five, the lost tax shield is about S$103,000 a year at the 1 per cent cap, or S$35,000 at the 2 per cent cap, at a 17 per cent corporate rate.  Every dollar you save in premium above the cap is a dollar saved in full, with no tax offset to lose.

Strategy Three: Steer the Care

The principle.  The money leaves long before the claim arrives.  The first doctor an employee meets sets the cost of everything that follows.  Steer that decision.

Make primary care the front door.  A general practitioner who knows the patient orders fewer repeat tests than a specialist who meets the patient once.  Offer free or low-cost primary-care visits and a referral requirement for specialists.  Fund the front door and tax the side door.

Move cases to the right setting.  Day surgery costs less than a full admission where the procedure allows.  A public-sector or restructured-hospital pathway costs less than a private one for many conditions.  Do not force the choice.  Make the cheaper one easier.

Offer care navigation.  A navigator helps an employee find the right doctor before the employee finds the expensive one.  Ask insurers whether they provide one.  Ask vendors for outcomes, not brochures.

Target the conditions that cost most.  Cardiovascular and respiratory disease are the top drivers, according to Aon.  Hypertension screening, blood-glucose checks, and smoking-cessation support are cheap relative to a cardiac admission.  Offer them in the workplace.  Track uptake.

Treat wellness with suspicion.  Aon’s study suggests wellness initiatives can help manage plan costs.  Three real episodes argue for caution.

In 2009, Steven A. Burd, then Chief Executive of Safeway, wrote in The Wall Street Journal that the company’s wellness programme held healthcare costs flat.  A later examination found costs had not stayed flat, and the programme excluded union employees.

In 2013, Penn State told staff to complete a health risk assessment and screening or pay US$100 a month.  The university projected cost growth of about 13 per cent.  Employees rebelled.  Some filled the survey with false answers.  Dr Matthew Woessner, then Associate Professor of Political Science and Public Policy at Penn State Harrisburg, called for civil resistance.  Dr Rodney Allen Erickson, then President of Penn State, suspended the surcharge.

The Illinois Workplace Wellness Study is the best evidence.  Economists Dr Damon Jones of the University of Chicago, and Dr David Molitor and Dr Julian Reif of the University of Illinois, randomly assigned nearly 5,000 employees to a comprehensive programme.  After 30 months, it had no significant effect on medical spending, health behaviours, or productivity.  Participants already had lower spending and healthier behaviours before it started.  Wellness programmes recruit marathon runners and sell them yoga mats.

The rule.  Use a carrot, not a stick.  Never penalise staff for declining to share health data.  Measure any programme against your own claims.  If the number does not move within two renewals, stop paying.

The Mandatory Layer

Foreign workers need separate treatment.  The Ministry of Manpower requires employers to buy and maintain medical insurance of at least S$60,000 a year for every Work Permit and S Pass holder.  It covers inpatient care and day surgery, including conditions unrelated to work.  The employer pays and cannot pass the cost to the worker.  Enhancements took effect on 1st July 2025.  Work injury compensation insurance is also compulsory for all manual workers and for non-manual employees earning S$2,600 a month or less.  None of this is a benefit.  It is compliance.  Tender it separately from the discretionary plan, and keep its claims data apart, so that the mandatory cohort does not distort your loss ratio.

The Calendar

Strategies fail without a timetable.  Work back from the renewal date.

Six months out, request the full claims report and compute your loss ratio.

Five months out, brief the board or leadership team on the numbers.  Decide the design changes.

Four months out, approach the market.  Send identical data to at least four insurers.

Three months out, compare quotes.  Negotiate the renewal formula and a two-year commitment.

Two months out, announce plan changes to staff.  Explain the premium history.

One month out, sign.  Then set the metrics for the year: loss ratio, top ten claims, utilisation by setting, and uptake of the primary-care benefit.

Review quarterly.  Treat the renewal as the end of a year of work, not the start of an argument.

The Scorecard

Track five numbers.  Loss ratio against the 78.2 per cent break-even.  Premium growth against the 13 to 17 per cent trend.  Share of claims from the top ten claimants.  Share of admissions in private hospitals.  Primary-care visits per head.  If the first number falls and the last number rises, the strategy works.  If neither moves, change the strategy.  Do not change the slide.

Share the bill first, because it changes behaviour at once.  Own the data second, because it changes your price at the next renewal.  Steer the care third, because it changes the claims over years.  Do all three.  An employer who does one is hoping.  An employer who does three is managing.  Your renewal is not a negotiation.  It is a hostage exchange.  Bring data.


Terence Nunis | Executive Chairman, Equinox Zenith | Author, The 1% Playbook: The Billionaire Cheat Code



Singapore’s Wealth Hub: Global Capital, Local Parking Lot

Singapore sells itself as the place where the world’s wealth goes to work.  The data says it goes to sleep.  On 22nd October 2026, Citi Wealth and RFI Global published Singapore at Heart, Global in Possibilities.  Cash and liquid deposits make up 72 per cent of onshore affluent assets.  They make up 74 per cent of offshore booked assets.  Only 26 to 28 per cent goes into investments.  Affluent and high-net-worth clients in the United States hold 58 per cent in long-term investments and 42 per cent in deposits.  Hong Kong keeps 76 per cent of its offshore assets in deposits.

There is progress.  Mutual fund ownership among Singapore’s high-net-worth investors rose from 11 per cent in 2022 to 31 per cent in 2026, the highest in Asia.  Average high-net-worth assets rose 6 per cent to US$1.5 million.  Affluent assets rose 5 per cent to more than US$565,000.  Some 76 per cent of Singaporeans aged 55 and above have a will or succession plan, against 41 per cent in Hong Kong.  The progress is real.  So is the cash mountain.

The Strategic Landscape

Singapore attracts wealth.  Indonesia supplies 41 per cent of its cross-border banking customers and Malaysia 36 per cent.  UBS counts 244,000 US-dollar millionaires and 55 billionaires.  The Economic Development Board reports that single-family offices rose tenfold in five years, to more than 2,000 by the end of 2024.

The Monetary Authority of Singapore (MAS) rewards the arrival.  The Section 13O and 13U incentives require S$20 million and S$50 million respectively in designated investments at application.  They require the lower of 10 per cent of assets or S$10 million in qualifying local investments.  Qualifying investments include SGX-listed equities, qualifying debt securities, and non-listed Singapore operating companies.  Cash in a local bank account does not count.  Run the arithmetic for a S$500 million family office.  The S$10 million requirement is 2 per cent of assets.  The family meets it and leaves the rest in deposits.  The incentive attracts capital.  It does not guarantee deployment.

Three structural gaps explain the rest.  The infographic describes the first as “structural friction in reverse”, a phrase it attributes to The Architecture of Resilience.  Families lack an investment team, a mandate framework, and written deployment criteria.  Local private equity and public markets are thin for the ticket sizes these families need.  Trusted local deal pipelines do not exist, so cash waits for an offshore opportunity that may never arrive.

The Psychological Drivers

Loss aversion.  The late Dr Daniel Kahneman, a Nobel laureate and Eugene Higgins Professor of Psychology, Emeritus, at Princeton University, and the late Dr Amos Nathan Tversky, Professor of Psychology at Stanford University, built prospect theory. They estimated that a loss weighs about 2.25 times a gain of the same size.  Cash cannot show a loss on a statement.  A fund can.  Families choose the statement.

Status quo bias.  Dr William Samuelson, Professor at Boston University, and Dr Richard Jay Zeckhauser, Frank P. Ramsey Professor of Political Economy at Harvard Kennedy School, published their study in 1988.  They showed that people disproportionately stick with the status quo.  Deposits are the status quo.  Doing nothing feels like a decision, and it is the most expensive one.

Scar tissue.  Singapore has its own memory.  After Lehman Brothers collapsed in 2008, about 10,000 retail investors lost more than S$500 million in structured products linked to the bank.  Distributors were accused of misselling to the elderly.  MAS banned ten distributors from selling similar products starting 1st July 2009.  Hong Leong Finance received two years. DBS Bank, Royal Bank of Scotland, and Maybank received six months each.  Investors eventually recovered between 21.5 and 70.8 per cent of their money.  Families that remember the Minibonds do not trust a product they cannot explain to a grandchild.

Succession simplicity.  A deposit is easy to explain to a beneficiary.  A private fund needs an investment committee, reporting, and a beneficiary who understands what they own.  Families choose the product that survives a dinner-table conversation.

Safety first.  Capital from Indonesia and Malaysia came for stability.  My reading is that capital that fled instability seeks stillness.  Stillness has a price.

The Limits of Cash

Inflation.  The six-month Singapore Treasury bill cleared at 1.90 per cent on 8th October 2026.  The ten-year Savings Bond averages 2.32 per cent.  Core inflation was 2.2 per cent in August.  Cash loses ground.  The S&P 500 returned 14.1 per cent in 2026 through 15th October 2026.

Protection.  The Singapore Deposit Insurance Corporation insures S$100,000 per depositor per member bank.  A family with S$100 million at one bank has 0.1 per cent insured.  In 2013, Cyprus converted 47.5 per cent of deposits above €100,000 at Bank of Cyprus into shares.  At Laiki Bank, uninsured depositors were wiped out.  Those depositors also thought a bank was a vault.

Legacy.  A will is a list.  It is not liquidity.  Prince Rogers Nelson died on 21st April 2016 without a will.  The administrator valued his estate at US$82.3 million.  The IRS said US$163.2 million.  They settled at US$156.4 million, and it took six years to close the estate.  The lesson is liquidity and structure, not Minnesota law.

Heirs.  Capgemini reports that 81 per cent of inheritors plan to switch firms within one to two years of an inheritance.  The global wealth transfer is US$83.5 trillion.  A cash pile with no mandate and no governance gives heirs every reason to leave and take it with them.

The missed recovery.  Liquidity protects you in a sell-off only with a deployment plan.  The S&P 500 fell in the first quarter of 2026.  It rose 15 per cent in the second.  Cash sat through both.

The Legal Case for Insurance

Life insurance solves legacy problems that deposits do not.  Singapore law sets out why.  A valid nomination lets the insurer pay without a Grant of Probate or Letters of Administration.  A trust nomination under section 49L of the Insurance Act 1966 creates a trust for the nominees.  The proceeds fall outside the estate and beyond the reach of the policy owner’s creditors.  The trust nomination overrides the will.  It is irrevocable unless the nominees consent.  A revocable nomination under section 49M is flexible and does not protect against estate creditors.  Section 73 of the Conveyancing and Law of Property Act 1886 offers a statutory trust route for policies effected for a spouse or children.  Singapore levies no estate duty on deaths since 15th February 2008.  So, this is not a tax play.  It is liquidity, speed, and structure.

Jumbo policies carry a catch.  The Policy Owners’ Protection Scheme covers 100 per cent of guaranteed benefits only up to S$500,000 of guaranteed sum assured and S$100,000 of guaranteed surrender value per life assured per insurer.  Non-guaranteed bonuses and investment returns are not covered.  Place the cover with more than one insurer.

The three propositions below are illustrations.  Take a S$500 million family office.  If the Citi ratios held, S$360 to S$370 million would sit in deposits.  I size the three propositions at 18 to 30 per cent of that cash.  That leaves about half the portfolio in cash.  This is a ceiling on ambition, not a floor.

Proposition One: The Succession Reserve

For: families whose liquid estate sits in deposits.

Sizing: 5 to 10 per cent of idle cash, S$18 to S$37 million in the example.

-    Policy: a jumbo participating whole life policy, funded by a single premium or a five-year pay.

-    Life assured and owner: the principal.  A second policy covers the spouse.

-    Placement: at least two insurers, with no more than half with any one.

-    Nomination: a section 49L trust nomination for spouse and children.  Use a trust for minors.

-    Purpose: first-call cash for estate costs, debts, and equalisation between heirs.

-    Fixes: succession simplicity and probate delay.  One claim form releases cash that deposits would freeze.

-    Limits: underwriting, surrender charges, and non-guaranteed bonuses.  The trust nomination is irrevocable.  Foreign courts may not honour a Singapore nomination for non-resident heirs.

Proposition Two: The Deployment Policy

For: families with cash and no investment team.

Sizing: 10 to 15 per cent of idle cash, S$36 to S$55 million.

-    Policy: an investment-linked policy, funded by a single premium or three annual premiums.

-    Mandate: a written investment policy statement.  It sets objectives, allocation bands, a rebalancing rule, and a drawdown protocol.  The principal, spouse, and adviser sign it.

-    Deployment: stage entry over 12 to 24 months in pre-agreed tranches.  That blunts loss aversion.

-    Governance: an investment committee of three, one of them an independent professional.

-    Nomination: a trust nomination for the heirs.

-    Evidence: investment-linked policies are 44 per cent of weighted new business premiums in the first half of 2026, up 24.2 per cent to S$1.59 billion.

-    Limits: the insurer’s fund panel, charges, and surrender charges.  Investment performance is not guaranteed.  It is not a family office.  Keep the 10 per cent local investment for the 13O or 13U.  I know of no published list that counts a policy.

Proposition Three: The Equalisation Engine

For: families with an illiquid core and several heirs.

Sizing: 3 to 5 per cent of idle cash, S$11 to S$18 million.

-    Policy: a survivorship policy on both spouses, paying at the second death.

-    Owner: an irrevocable Singapore trust with a licensed trust company under the Trust Companies Act 2005 and a protector.

-    Funding: premiums from family office cash flow.  Fund it while solvent.  Section 73B of the Conveyancing and Law of Property Act voids transfers made to defeat creditors.

-    Distribution: the trustee buys out non-operating heirs or pays equalisation sums under a letter of wishes.  The 100-year perpetuity cap under the Civil Law Act applies.

-    Fixes: forced sale of the business or the property to pay heirs.

-    Limits: a long commitment and uncertain timing.  Trust costs and the policy owner’s irrevocability apply.  Heirs’ home countries may tax the payout.

Why Insurance, Not Bancassurance

Bancassurance is a distribution channel.  Banks sell their partner’s policies to their own deposit customers.  I do not say bank staff lie.  I say the shelf is narrow and the incentives point at the bank.  Look at the channel.  Bank representatives wrote 32.9 per cent of weighted new business premiums in 2025.  Financial adviser representatives wrote 35.7 per cent.  In 2025, advisers led all channels with S$70.4 billion in total sum assured and 45.3 per cent of the year’s increase.  Banks gather premium.  Specialists write the big cover.

Look at the shelf.  DBS partners with Manulife for life insurance.  Allianz bought HSBC Life Singapore for S$2.9 billion, with a 15-year exclusive agreement for HSBC Bank’s distribution.  An exclusive shelf cannot diversify your insurer.  With a S$500,000 guaranteed cap per insurer, a jumbo case needs diversification.

Look at the incentives.  In 2016, regulators fined Wells Fargo US$185 million.  Employees opened more than 2 million accounts that may not have been authorised, to hit sales targets.  Richard Adams Cordray, then Director of the Consumer Financial Protection Bureau, said the bank built a compensation program that made underhanded sales practices possible.  The Minibonds were sold by banks too.

Look at concentration.  Your bank already holds 72 to 74 per cent of your wealth in deposits.  A policy sold through the same relationship deepens that dependence.  The bank’s best argument is that its staff know your finances.  They know your balance sheet.  They do not know your estate.

Use an adviser who can underwrite financially, place across insurers, and sit beside your lawyer and trustee.

The Call to Action

Do three things this month.

1.  Audit the cash.  List every deposit by bank.  Compare each with the S$100,000 insured.  Count the months each balance sat idle.

2.  Size the liquidity gap.  Add up what your estate needs in the first 90 days: costs, debts, equalisation payments, and taxes in your heirs’ countries.

3.  Write one page.  Who decides, which allocation bands apply, and what triggers action.

With this, you have the foundations for a discussion with a financial consultant of my team’s level of experience and track record.  The world’s capital is here.  It is waiting.  So are your heirs.


Terence Nunis | Executive Chairman, Equinox Zenith & Red Sycamore | Author, The 1% Playbook: The Billionaire Cheat Code