Policyholders and insurance industry need timely access to statistical information to assist them in appraising market performance and making financial decisions. To enhance market transparency, the OCI regularly publishes insurance statistics on its homepage, newsletters and annual reports.

Every year, the OCI compiles statistics on the underwriting performance of Hong Kong general business based on the audited Hong Kong General Business Returns of insurers. Extensive data covering premiums, underwriting expenses, claims experiences as well as underwriting result for each class of business, distinguished between direct business and reinsurance inward business, are published. Key business figures of individual insurers are also released.

To better assist general insurers in their assessment of the claims cost of two compulsory lines of insurance business, namely, employees' compensation ("EC") business and motor vehicle business, the OCI also publishes additional statistics for this purpose. These include annual statistics on the gross premiums, gross claims paid and gross outstanding claims development data, broken down by trade occupation for EC business, and by type of vehicle, type of coverage, and nature of claims for motor vehicle business on an aggregate basis.

Every quarter, the OCI publishes provisional general business statistics on the underwriting performance for each class of direct and reinsurance inward business, under which direct Accident & Health business is further broken down into "medical" and "non-medical" business and EC business into "construction", "restaurants and hotels" and "others" business. The provisional statistics on the underwriting performance of motor vehicle business broken down by type of vehicle are also published quarterly.

Quarterly provisional long term business statistics include both in-force and new business. Returns on long term business have included quarterly statistics on life policy replacement to gauge the extent of this activity. A new form has also been used to collect statistics on individual policies issued to Mainland visitors.

Newsletter "ILens"

Other Measures for Consumer Protection

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To enhance consumer protection, a series of measures have been taken jointly by the OCI and the insurance industry. These measures include:

• Customer Protection Declaration Form ("CPDF")
  The CPDF is introduced under the Code of Practice for Life Insurance Replacement ("Code") issued by the insurance industry as a self-regulatory measure to prevent twisting of life policies. It should be completed and signed to evidence that an insurance intermediary has clearly explained to a life policyholder the consequences and potential disadvantages of replacing an existing policy. A life policy applicant is also required to declare in the CPDF that he/she has received a copy of the OCI's educational pamphlet "Life Insurance Policy Replacement - What you need to know". In 2006, the Code was revised to keep pace with the rapid market developments. Under the new Code, definition of life insurance policy replacement has been extended to cover the situation where a substantial part (i.e. 50% or above) of the guaranteed cash value of the existing policy was reduced or would be reduced.
  
  
• Cooling-off Period for Long Term Insurance Policies
  Policyholders are given a cooling-off period to review the terms and conditions of their long term insurance policies. The cooling-off period is 21 days from the date of signing the insurance application form, 14 days from the issue date of a policy, 5 days after the delivery of the policy to the policyholder or his/her representative, or in the case of a policy replacement 14 days after the date on which the CPDF is delivered to the insurer of the policy replaced, whichever is the latest. The policyholder has a right to cancel the policy and obtain a full refund of the insurance premium (less a market value adjustment where applicable) if he/she changes his/her mind within that period.
  
  
• Illustration Standards for Long Term Insurance Policies
  The insurance industry works with the relevant regulatory authorities in developing illustration standards to enhance the transparency of life policies. The standards provide prospective policyholders with a summary of insurance benefits, investment returns and surrender values. This illustration shall not only reduce potential market malpractice, but also enable prospective policyholders to make informed decisions.
  
  
• Code of Conduct and Code of Practice
  As part of the self-regulatory initiatives taken by the industry, the Hong Kong Federation of Insurers has published the Code of Conduct for Insurers and the Code of Practice for the Administration of Insurance Agents. These Codes aim to promote good practice among insurers in the conduct of their insurance business and the administration of their insurance agents.

Members of the public may contact the following organisations for enquiries and complaints: