Insurance and Risk Management

Core modules:

• Theory of Risk and Insurance Markets

  The aim of this module is provide a sound understanding of the basic principles of risk and insurance and the characteristics of the main types of insurance.  The general principles of insurance underwriting and claims management are also covered.
  
  This module also provides a thorough understanding of the structure and operation of UK and international insurance markets with emphasis on the insurance markets of Europe, and the factors that shape their development. The wider trends in global insurance and reinsurance markets are also considered.

• Insurance and Law Regulation

  The aim of the course is to provide an understanding of the legal environment in which the important commercial practice of insurance operates.
  
  The course analyses the relationship between the parties to an insurance contract (the insured and the insurer), examines how the contract is formed and how it operates, and considers the legal issues that surround the claims process.  The course also considers the legal issues that arise when an insurance contract is formed through an insurance broker or other intermediary.

  Finally, the course considers the regulation of insurance business, i.e. the legal relationship between the firms and individuals operating in the insurance market and the government agencies and industry bodies that are responsible for supervising it.

  Although the course is primarily based on (UK) Common Law, international comparisons are made throughout the programme, making it equally suitable for non-UK students.

• Enterprise Risk Management

  This course covers the principles of risk management, which is a key element in the programme as a whole. It explores the ways in which management of the overall risks of the firm can enhance firm value.

  Risk management is at the heart of many critical corporate decisions: day-to-day operations, resource allocation, strategic planning, capital structure, reputational and legal exposure, and performance measurement.

• General Insurance

  An understanding of general insurance is essential for any student of insurance and risk management in order to give a complete grasp of the operation of insurance markets and the role of insurance in the process of risk management.
  
  On completing the course you should have acquired a good understanding of the nature of general insurance and the characteristics of its main classes.  This will complement the rest of your MSc studies, by building upon principles covered in earlier core courses and linking with later and more specialised elective courses. For those of you who intend to work in insurance the course will provide a practical foundation that will assist in your future careers.

  The aim of the course is to give a broad understanding of the nature of general (non life) insurance, including the function of general insurance contracts, their legal principles of underwriting, marketing and distribution. The course also aims to provide an appreciation of the characteristics of the main classes of general insurance.

Core modules:

• Financial Management in Insurance

  This module examines the financial management of insurance companies, developments within the regulatory environment and the risks facing insurance companies from their strategic financial management .

  It involves the use of a proprietary simulator that allows students to manage their own insurance company strategic financial decisions as they navigate a dynamic claims and premium environment, testing their ability to put theory into practice.

• Financial Risk

  The aim of this module is to examine the universe of financial risks that financial and non-financial corporations are exposed to in their business models.

  In doing so it provides a conceptual framework for the treatment of these risks by corporations as they attempt to achieve their strategic business objectives.

• Financial Services Corporate Strategy

  The aim of this module is to provide a sound understanding of the environment in which businesses operate and introduce you to the basic concepts and analytical tools of strategic management.

  It illustrates how ideas drawn from a number of disciplines, such as marketing, microeconomics, financial theory and organisational behaviour can be employed to address the central concerns of strategy within financial services corporations.

• Risk Analysis and Modelling

  The aim of this course is to explore the practical application of statistical risk modelling techniques used in the insurance and risk management industries.

  All of the subjects taught on the course are accompanied by computer models built in Excel to help the student understand both the theory and practice of this subject.

  While focus is placed on how these applied methods are used in the insurance industry, students with a more technical background are given the opportunity to explore the mathematical background to the subject matter.

  No previous background in statistics or risk modelling is assumed by the course, and all subjects are taught from the ground up.

In term 3, you are required to choose one of the following options:

Option 1: You can opt to write a 10,000-word Business Research Project (40 credits) and take two specialist elective modules (2 x 10 credits)

Option 2: You can take six specialist elective modules (6 x 10 credits)

Option 3: You can opt to write a 5000 word Applied Research Project (20 credits) and take four specialist elective modules (4 x 10 credits)

Term three elective modules are chosen from a list of modules made available early in term two. These allow you to tailor learning in areas of personal interest to yourself, providing flexibility in how you approach the programme, whilst focussing on key areas of the insurance industry.

Students on the part-time route take four core modules in year 1 and the remaining core modules in year 2.

Electives planned for 2023*

• Marine, Aviation, and Transport Insurance
• Claims Management
• Financial Crime
• Cyber Risk
• Alternative Risk Transfer
• Reinsurance
• Operational Risk Management
• Liability Insurance
• Sustainable Finance with ESG
• Digital Finance

*Please note that electives are subject to change and availability.

Exempt Route (â€کfast track’) course for CII Advanced Diploma holders

The Exempt Route (â€کfast track’) course is available only for students who have completed the Advanced Diploma of the Chartered Insurance Institute within the last five years and who have gained their CII credits largely through CII examinations.

Students are granted exemption from four core subjects: Theory of Risk and Insurance, Insurance Law and Regulation, General Insurance, Enterprise Risk Management.

The course begins in January rather than September and runs for 8 months (full-time version) or 20 months (part-time version*).

“The MSc in Insurance and Risk management has been an invaluable experience which has provided me with a solid foundation from which to further develop my career. The facilities and location are excellent: right in the city centre and very near the insurance sector and Lloyd's of London. I met people with whom I have built a network from all over the world – smart, creative and both current and future leaders in the industry. The teaching staff are very experienced and knowledgeable practitioners and their support has been instrumental in my growth and learning. Overall, I can confirm that the MSc IRM has helped me gain all the skills required to succeed and stand out in this highly technical and competitive insurance market.â€‌ (2017 graduate)

“The MSc IRM programme at the Business School (formerly Cass) is an excellent choice: it is well designed and provides students with a solid foundation as well as deep insights into the insurance world. Studying at the Business School has been incredibly helpful for me, not only by advancing my career at Allianz, but also by increasing my level of understanding across a broad range of topics. Working now in the Company’s global headquarter I definitely benefit from this knowledge, not only with regards to my current role, but also in relation to many of the strategic topics that are discussed on group level.â€‌ (2013 graduate)

“Thoroughly exploring the fundamentals of insurance and risk management should be the foundation of any technical career in insurance. I found that the part-time MSc Insurance and Risk Management programme at the Business School (formerly Cass) allowed me the freedom to debate commercial topics in an academic environment, thus enabling me to better build the base from which I now apply insurance to new and emerging risks.â€‌ (2009 graduate)

“Without any doubt, the MSc in Insurance and Risk Management opened the doors to the insurance sector for me. With very little searching, I secured a position on a graduate scheme before even graduating. Not only did the programme give me a great foundation in risk, but I also had a very supportive network of tutors, academics, and classmates, many of whom were already professionals in insurance.â€‌(2005 graduate)

“I sincerely thank the faculty members of the Business School (formerly Cass) teaching the MSc Insurance and Risk Management course for their very practical approach to the whole programme. The valuable lessons I learnt have helped me immensely in my professional careerâ€‌ (2008 graduate)

“The MSc in Insurance and Risk Management provided me with solid knowledge in the area of risk. It enabled to take my first employment steps in the London insurance market in the area of catastrophe risk modelling, straight after graduation. Most important, it ignited my interest to start pursuing a PhD in the area of Risk and Stochastics with an aspiration to stay in academia and contribute further to this field of research.â€‌ (2013 graduate)

“Having spent a few years in insurance I decided to take the MSc Insurance and Risk Management course, which brought a new perspective to my career vision. It enabled me to see that risk management forms an integral part of insurance: in fact it sits at the heart of every business success. This realisation was crucial, and set a new direction in my professional development, enabling me to move into insurance risk management. The course gave an additional dimension to my business skills which then allowed me to perform a further successful move into the field of internal audit.â€‌ (2010 graduate)

“The MSc in Insurance and Risk Management has supported me throughout my journey in risk management. The Business School (formerly Cass) certainly gave me the tools I needed to help me fulfil my career aspirations. I now wish to help others develop their risk management careers and I am honoured to return to the Business School as a Visiting Lecturer on the very same course I graduated from 20 years ago!â€‌ (1997 graduate)

“The the Business School (formerly Cass) MSc in Insurance and Risk Management was instrumental in starting my career. Having produced a dissertation on â€کAlternative Risk Transfer Methods’ I got the opportunity to join Price Waterhouse after graduation, to work in the areas of Shareholder Value and Risk Management. This was the launching platform for my career towards financial markets and investments. The programme at the Business School gave me the foundation that still to this day supports my development.â€‌ (1997 graduate)

“The course is very comprehensive and has given me an in-depth knowledge of how to run an insurance company. Studying at the Business School (formerly Cass) has been the seed that has allowed me, today, to have a successful career in insuranceâ€‌ (1993 graduate)