Core Viewpoint - The recent criticism of Hong Kong insurance by economist Lang Xianping has sparked significant debate, highlighting potential risks and issues within the industry, while also raising questions about the motivations behind such critiques [1][3]. Group 1: Criticism of Hong Kong Insurance - Lang Xianping claims that many Hong Kong insurance products are designed as "scams," citing seven major pitfalls, including the difficulty of achieving a 7% stable return, significant losses upon early withdrawal, and high costs of legal recourse [3][4]. - The insurance industry has reacted strongly to these claims, with some experts acknowledging that while certain issues raised by Lang are valid, others are common across financial products and do not warrant excessive concern [3][4]. Group 2: Market Trends and Growth - Despite ongoing controversies and the presence of unlicensed intermediaries, the Hong Kong insurance market has seen a surge in activity, with new policy premiums reaching HKD 219.8 billion in 2024, a year-on-year increase of 21.4% [6][9]. - A significant portion of this growth is attributed to mainland visitors, who accounted for HKD 62.8 billion in new premiums, representing a 6.5% increase and making up 28.6% of total new business [6]. Group 3: Consumer Awareness and Suitability - Experts emphasize that Hong Kong insurance products require a high level of financial knowledge and are primarily suited for specific demographics, such as middle-class families, students studying abroad, and high-net-worth individuals [11][12]. - Consumers are advised to assess their actual needs and risk tolerance before purchasing Hong Kong insurance, as the potential benefits may be offset by currency risks and legal complexities [11][12].