10  BIS central bankers’ speeches  (i)  TABLE AND CHART ANNEX  Table 1: Similarity of industrial structures  EA (Core vs VEAPs)(a)  EA (17 countries)(b)  rUK and Scotland(c)  rUK and Scotland (oil on geographic basis)(d)  Energy  0.1  1.0  1.8  10.0  11.5  3.1  Construction  0.6  1.3  0.1  0.7  1.3  0.6  Manufacturing  1.3  6.1  0.7  0.5  4.8  4.5  Finance and insurance  0.3  2.5  0.8  1.4  2.2  3.2  Other  0.3  5.6  1.5  7.4  8.5  5.2  Sum  2.6  16.4  4.7  20.1  28.3  16.6  Canada (13 provinces and territories)  US (50 states + DC)  Sources: Bank calculations; Statistics Canada; US Bureau of Economic Analysis; Eurostat; ONS Regional Gross Value Added. rUK and Scotland data are for 2011; Euro Area (EA), US and Canada data are for 2012. Industrial classifications in the US and Canada are NAICS, in the UK SIC, and in the Euro Area they are NACE Rev2. These were consolidated into the five broader industrial classifications to ensure consistency. Notes: The table shows absolute differences between output industry shares in each region and the monetary union as a whole, which are then averaged for each industry in each monetary union.
Heng Swee Keat: Developments in Asia and Singapore’s insurance industry Keynote address by Mr Heng Swee Keat, Managing Director of the Monetary Authority of Singapore, at the GE/FICS Award Ceremony, Singapore, 24 July 2008. *  *  *  Mrs Fang Ai Lian, Chairman, Great Eastern Life, Mr Tan Hak Leh, Managing Director, Ladies and Gentlemen, It is my pleasure to be here on this happy occasion, made all the more significant as Great Eastern Life (GE Life) celebrates its centennial this year. For a corporation to achieve success for 100 years is a significant achievement. It attests to the agility and business acumen of its leaders, as well as the commitment of several generations of staff. Today, we celebrate GE Life’s achievement as the first insurer in Singapore to acquire accreditation as a FICS assessment service provider. This reflects well on GE Life’s commitment towards staff development. Developments in Asia and Singapore’s insurance industry Despite the recent financial turmoil, the life insurance industry has held up relatively well in this region. While regional economies would not be insulated from the global economic slowdown, the medium-term outlook for the region remains good. The pace of economic growth and wealth creation in the region will drive demand for a range of insurance products. Indeed, estimates from Swiss Re show that life and general insurance premiums have been growing at a faster pace than GDP in most emerging Asian economies.