The yellow section in the chart shows that more than 2 million “regular premium” ILAS policies have been sold in Hong Kong since 2001. These products are commonly known as “savings plans”. Most of them are scams. The few which are not scams are rarely sold, since they pay significantly lower upfront commissions.
What Percentage of the Local Population Has Been Scammed?
According to the Census and Statistics Department, Hong Kong has approximately 7.2 million people and 2.5 million households.
Some ILAS victims are foreigners; some are mainland Chinese; and some victims have been scammed multiple times. This means that the number of Hong Kongers who have been scammed is probably a bit less than 2 million.
But even if the number of local victims were much lower, just 0.75 million, this would still represent 10.4% of the population and as much as 30% of families.
If any politicians were to attempt to raise public awareness about this issue—and fight for justice—it would surely pay off at the ballot box.