These issues need to be addressed on the ground, with proper enforcement by management to prevent misselling practices, unclear documentation or explanations by agents and marketing staff, and contract terms and exclusions that are unreasonable. Wide gaps have also been observed between companies in the level of competence of staff selling the products, and in the quality of training provided to staff and agents. There is a need to achieve greater, as well as more consistent, progress in this area. Bank Negara is determined to improve standards in the area of market conduct, and we will continue to actively engage the industry in this effort. I hope that all insurers will throw their support, at the highest level, behind the various initiatives that are being implemented by both the Bank and industry associations to achieve this. As a newly-formed alliance, the Tokio-Marine-Asia Group has a valuable opportunity to set the correct tone at the outset in this area for your Group’s priorities in the Malaysian market. I trust that you will use the opportunity wisely to set a new benchmark in responsible market conduct for the industry. On that note, let me once again congratulate Tokio Marine and Asia on the official launch of TM Asia Life Malaysia Bhd. I look forward with great anticipation to your positive contribution to the further development and growth of the Malaysian insurance industry. BIS Review 24/2007  3
Eurostat, the US Department of Commerce and the Riksbank  BIS Review 18/2005  9  7.UND1X: outcome and forecast in the main scenario Annual percentage change  4.0  4.0  UND1X Inflation Report 2005:1 Inflation Report 2004:4  3.5 3.0  3.5 3.0  2.5  2.5  2.0  2.0  1.5  1.5  1.0  1.0  0.5  0.5  0.0  0.0  -0.5  -0.5 -1.0  -1.0 97  98  99  00  01  02  03  04  05  06  07  Sources: Statistics Sweden and the Riksbank  Table 1. GDP by expenditure Annual percentage change  GDP by expenditure  2003  2004  2005  2006  2007  Private consumption Government consumption Gross fixed capital formation Change in inventories Exports Imports GDP at market prices  1.5 0.8  1.8 0.3  2.7 1.2  3.0 1.4  3.3 0.6  -1.5  5.1  8.0  5.8  4.5  0.2 5 4.9  -0.3 10.2 6.7  0.0 6.6 7.5  0.0 6.1 6.6  0.0 6.0 6.7  1.5  3.5  3.2  3.2  2.8  Sources: Statistics Sweden and the Riksbank  10  BIS Review 18/2005