Chinese Media Warns Public to Beware of Investment-Linked Insurance Ripoffs

On Jan 29, Apple Daily ran an article about a Hong Kong Professor who has recently been very outspoken against ILAS. The professor was ripped off by the insurance company, AXA. He is concerned that thousands of other AXA policyholders may have been ripped off as well. The title of the Apple Daily article is 林本利買壽險遭誤導. So far, the article has gotten over 17,000 views and more than 100 Facebook “Likes”. Here’s a screenshot of the article, featuring a picture of Professor Lam:

Apple Daily Article

Professor Lam writes a column every week for Next Magazine. Each of the past four weeks, he has written about ILAS. In his latest article, he cited this blog (to my surprise). Here are links to his last four articles:

壹週刊:安盛如何守護投保人的紅利? (2015年1月22日)

壹週刊:安盛如何守護投保人的賬戶? (2015年1月29日)

壹週刊:回應安盛的投訴信 (2015年2月5日)

壹週刊:三不管的投連險產品 (2015年2月12日)

On Feb 11, Mingpao ran an article titled 不良銷售投連險 議員促修例監管. The article describes the problems with the insurance self-regulatory system and mentions that LegCo member, Sin Chung-kai, has recently been helping about 20 ILAS victims. The article is spreading via social media and has so far received 40 Facebook “Likes”. Here’s a screenshot of the article, featuring a picture of Sin Chung-kai:

Mingpao Article

On Feb 12, the day after the above article was published, Next Magazine also ran an article on ILAS that included a number of victims’ stories. It was titled, 變種保險失控 食人唔lur骨. If you can’t read Chinese, it does not matter. The picture of victims caught in the jaws of a bear trap tells you all that you need to know:

Next Magazine Article

Note: The above article is pay-walled, so you can’t read it unless you have an online subscription to Next Magazine. A hard copy of the magazine can be purchased at 7-Eleven or Circle K for $20 HKD. The article is four pages long and begins on page 66. (Send me an email if it is sold out and you can’t find it.)

One of my contacts, an ILAS victim, was recently interviewed by a Chinese news organization, different from any of those organizations cited above. There will likely be an article coming out soon. I will link to it below when/if it is published.

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