% Total  1990  1995  2002  7222  67  63  USA  1222  12  11  UE15  44  39  38  Developing countries  28  33  37  Asia  13  19  20  Industrialized world  countries  Source: IMF Direction of Trade Statistics  Global capital flows keep growing at an even higher rate, the share of global FDI in the global GDP increased from 8% in 1989 to 22.1% in 2003, whereas foreign assets as percentage of the GDP increased from 62.6% of the GDP to 186.1% of the GDP, respectively. Numerous empirical studies have demonstrated that outsourcing and off-shoring entail increased competitiveness of enterprises, which raise their employment level abroad in subsidiary companies and intensify their expansion on foreign markets, thus being forced to create workplaces, often much better paid and requiring higher qualifications also in parent undertakings. Thus, the growth of employment abroad is accompanied by the same at home. 10 An analysis of the impact of off-shoring services to India in the years 2000 – 2003 on the US labour market shows that, for example, jobs for programmers of low value added were lost in favour of India; however the total employment in the IT services industry grew rapidly. 11 As it has been observed, the role of trade and capital links among enterprises in various countries strengthened over the recent years.
In conclusion, allow me to reiterate the importance of the effective participation of all stakeholders involved in each stage of claims management to ensure high claims service standards and fair treatment of customers. Both insurers and loss adjusters must play their respective roles in value-adding to the claims management process for the effective functioning and positive image of the insurance industry in the long term. 2  BIS Review 53/2010