For such shareholders, the payoffs are likely to be significant given the untapped growth potential of the industry in Malaysia. However, on more than several occasions, opportunistic shareholding transactions have destabilised the market, and set back broader efforts to build a strong domestic sector. There are a number of domestic shareholders who after being given a license and the opportunity to participate in the insurance sector decided to sell off their shareholding and make quick profits. These types of shareholders are a cause of instability to the insurers’ operations. These are not the kind of shareholders that would be viewed favourably for future participation in the financial industry. The way forward: invest now to make insurance accessible to all Given this state of affairs, I would like to pose this question, borrowing from the theme of this summit: “Are we on the right path?” I believe that the industry can be on the right path if it takes a 2/5  BIS central bankers' speeches  long term view and starts taking meaningful steps to address the gaps in our market. Let me lay out some of these steps. Firstly, products and delivery channels need to be diversified and redesigned to be better suited to the whole population. This must entail a renewed focus on protection needs especially for firsttime buyers. The Bank is partnering with the industry to roll out Perlindungan Tenang, a national branding and communication platform in the near future.

Performance of inflation and of monetary and fiscal indicators, external trade data and consumer and business indices confirm that the Albanian economy continues to record positive growth rates. This growth is sustained by maintaining steady levels of the consumer demand and fiscal stimulus given during 2009. However, available data from the  BIS Review 153/2009  1  economy speak for an economic activity slowdown during the current year. Foreign demand for Albanian products has decreased, being illustrated by export slowdown along this period, while investments have declined. The steady trend of core inflation and low non-traded inflation rate also indicate the presence of low aggregate demand-induced inflationary pressures in the country’s economy during January–October 2009. This performance has contributed to absorption of shocks generated from traded inflation, due to weakening of national currency’s position in the domestic foreign-exchange market. Inflation during 2009 has fluctuated around the lower limit of the Bank of Albania’s target. Headline inflation in October was 2.3 percent, recording a slight rise in comparison to September, but resting below the record of the previous year. Average annual inflation recorded 2.1 percent, resting at the same level with that of September. Parallel to demand factors, inflation performance is influenced even from the development of several supply factors, such as slight downward trend in the labour cost per unit, reduced import and producer prices, statistical effect of administered prices, thus creating an overall environment with reduced inflationary pressures. Fiscal policy during the third quarter of 2009 has revealed signs of mitigating its expansionary nature.