We faced the challenge to prepare and submit nine new or appropriately adjusted categories of data, out of which seven are within the competence of the NBRM, and two within the competence of the Ministry of Finance:  1/2  BIS central bankers' speeches  -real sector data - statistics of sectoral financial accounts which is actually an overview of the structure of financial assets and liabilities of individual sectors, their mutual exposure, financial flows and, accordingly, possible accumulation of risks;  - financial sector data – statistics of non-bank financial institutions (more detailed data not only for the banking system, but also for the pension funds, insurance companies, investment funds, financial companies, leasing companies), statistics of debt securities and seven financial stability indicators that enable better identification of the risks in the financial system;  - external sector data – data on the currency structure of the foreign reserves, the coordinate direct investment questionnaire and the coordinate portfolio investment questionnaire which provide more detailed findings for cross-border links and the possibility of transfer of the effects from the external shocks to the domestic economy, and  - fiscal sector data – general government statistics and data on gross debt of the general government. Aware of the challenges that the countries faced with and the need for making extremely great efforts to produce them, the IMF allowed, at the time of application for this standard, fulfillment of the dissemination requirements of at least five from the nine mandatory indicators.

Hence, you need to raise the profile of the career in the insurance industry collectively, to attract the best and the brightest. With the right human capital, the industry will be better placed to capitalise on Asia's growth prospects. There is also a dearth of underwriting capacity in the region for some specialised risks, for example aviation, energy, political and terrorism risks, to name a few. MAS will explore ideas to enhance our competitiveness to encourage such risks to be underwritten in Singapore. We welcome feedback and suggestions. Specialisation and new techniques We recognise the importance of ancillary service providers within the insurance ecosystem, and believe that increased usage of specialised service providers can make our insurers more competitive. Singapore's existing infrastructure, political and economic environment is conducive for such service providers to thrive in, and we will enhance the business case with initiatives to help reduce the cost of operating in Singapore. Examples of specialised service providers include run-off management and related services, claims management and processing services, loss adjusting services and policy administration services, amongst others. 2  BIS Review 103/2006  Another new technique that can enhance insurers' competitiveness is insurance-linked securitisation, or ILS. ILS enables insurers to transfer risks to the capital market to strengthen their balance sheets. These securities also contribute to a more diverse and vibrant capital market. The global ILS market saw a record level of issuance in 2005, and 2006 looks set to exceed 2005.