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Impact of risk factors on business results of life insurance products in insurance companies in Hue city

On the basis of the leveraging Monte Carlo simulation method and Risk – a risk analysis software, this study aims to identify and analyse the impacts of the potential risk factors on business results of life insurance products in the insurance companies in Hue city. | Hue University Journal of Science ISSN 2588–1205 Vol. 128, No. 5C, 2019, pp. 55–65; DOI: 10.26459/hueuni-jed.v128i5C.5117 IMPACT OF RISK FACTORS ON BUSINESS RESULTS OF LIFE INSURANCE PRODUCTS IN INSURANCE COMPANIES IN HUE CITY Duong Dac Quang Hao*, Nguyen Thi Minh Hoa University of Economics, Hue University, 99 Ho Dac Di St., Hue, Vietnam Abstract: On the basis of the leveraging Monte Carlo simulation method and @Risk – a risk analysis software, this study aims to identify and analyse the impacts of the potential risk factors on business results of life insurance products in the insurance companies in Hue city. Both the qualitative and quantitative method is applied. Data were collected from interviewing the leaders, financial managers and senior consultants at four most representative life insurance companies in the area, namely Bao Viet life insurance, Prudential, AIA, and PCI Sun Life using the DELPHI technique. The following findings are found. Firstly, besides the identified events, 10 other types of risks could affect the business results of life insurers. Secondly, these types of risks have varied frequencies and levels of impact on the three studied variables of the simulation model. Finally, the risk of rumours and the risk of new competitors appear to be the most significant dangers to the expected profits of life insurance companies. Keywords: Monte Carlo simulation, @Risk, Delphi technique, life insurance 1 Introduction In Vietnam, the insurance industry has started since 1993. However, according to the Department of Insurance Supervisory and Authority, approximately 9.7% of the Vietnamese population has bought life insurance so far [3]. Along with the huge market development opportunities and the rapid growth of the economy in the coming time, Vietnam is recognised as one of the most lucrative markets for life insurers in the South East Asian region [5]. In terms of domestic enterprises, to exploit this opportunity, they need to make breakthrough .