Program Overview

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Insurance Law and Risk (LAWS0234)

Key Information

• Faculty: Faculty of Laws
• Teaching department: Laws
• Credit value: 45
• Restrictions: This module is restricted to postgraduate taught students in the Faculty of Laws.

Alternative Credit Options

There are no alternative credit options available for this module.

Description

Module Summary

Insurance is a trillion-dollar industry and, through risk transfer and risk management, serves significant social and economic functions across society. The London Market (UK insurance industry) is a leading insurance market and a key part of the UK financial services industry. In addition to providing students with an introduction to the operation of the London Market and risk management strategies, this module offers a comprehensive examination of insurance contract law, insurance regulation, reinsurance law, and re/insurance transactions. Taking a practice-oriented approach, students will be examining legal principles in the context of current issues facing the insurance industry. The module offers opportunities for applied learning through 'Insurance Law in Practice' sessions, networking opportunities in law firms and the insurance industry, a field trip to Lloyd's of London and/or a workshop at an insurance company, and co-curricular online work simulations.

Module Aims

This module aims to provide an in-depth understanding of insurance contract law, insurance regulation, and reinsurance law and to develop employability skills and knowledge relevant to insurance law practice in law firms and the insurance industry. The module aims to support students in developing their analytical and problem-solving skills and to encourage critical reflection on the role of law and regulation in addressing current challenges in the global insurance markets. Whilst the focus is on English re/insurance law (as one of the laws most frequently chosen as governing laws for bespoke re/insurance transactions), the module also provides comparative law insights. The module complements other modules in the MSc Law and Finance and commercial law-oriented specialist LLMs.

Module Outcomes

By the end of this module, students will have gained an in-depth understanding of the academic course contents (operation of the London Market, risk management strategies, insurance contract law, insurance regulation, and reinsurance law), acquired a number of study and employability skills, and built networks into the insurance industry and law firms.

Module Syllabus

Term 1:

• Week 1: Introduction to risk management, insurance theory, and insurance law
• Week 2: Consumer -v- business insurance; insurance intermediaries; placement and formation
• Week 3: Principle of good faith; pre-contractual risk presentation under the Consumer Insurance (Disclosure and Representations) Act 2012 and the Insurance Act 2015
• Week 4: Premium; insurance policies and their terms; insurance contract interpretation
• Week 5: Terms continued: classification of terms; consequences of breach
• Reading Week: formative essay
• Week 6: Loss; causation; indemnity principle; insurable interest
• Week 7: Claims and claims process; late payment of claims; fraudulent claims
• Week 8: Subrogation; double insurance and contribution
• Week 9: Introduction to different types of insurance
• Week 10: Revision and exam practice for Term 1 syllabus

Term 2:

• Week 11: Introduction to insurance regulation; FCA Insurance Conduct of Business Rules
• Week 12: FCA Product Governance Rules for insurance; PRA Solvency UK Rules and the EU Solvency II Directive
• Week 13: Insurance and ESG/sustainability
• Week 14: Introduction to reinsurance law and reinsurance contracts
• Week 15: Reinsurance placement process and role of brokers; pre-contractual risk presentation in reinsurance
• Reading Week: formative essay
• Week 16: Incorporation of terms from underlying insurance and back-to-back cover; breach of terms
• Week 17: Follow the settlements and claims co-operation; aggregation and allocation
• Week 18: Insurance-linked securities and captives
• Week 19: Field trip
• Week 20: Revision and exam practice for Term 2 syllabus

Recommended Materials

• Merkin R: Lowry, Rawlings and Merkin's Insurance Law: Doctrines and Principles (4th edn, Hart 2022) – available online and hard copies can be purchased for ca. £40 on Amazon
• Birds J, Lynch B, Paul S and Arnold-Dwyer F: MacGillivray on Insurance Law (16th edn, Sweet & Maxwell 2025) – available on Westlaw
• O'Neill, Arnold-Dwyer: The Law of Reinsurance (6th edn, Sweet & Maxwell, 2024) - available on Westlaw
• Legislation: Insurance Act 2015, Consumer Insurance (Disclosure and Representations) Act 2012, Marine Insurance Act 1906

Preliminary Reading

Abraham, K. (2013) 'Four Conceptions of Insurance' 161 University of Pennsylvania Law Review 653

Module Deliveries for 2026/27 Academic Year

• Intended teaching term: Terms 1 and 2
• Postgraduate (FHEQ Level 7)

Teaching and Assessment

• Mode of study: In person
• Methods of assessment: 100% Exam
• Mark scheme: Numeric Marks

Other Information

• Number of students on module in previous year: 13
• Module leader: Dr Franziska Arnold-dwyer

Last Updated

This module description was last updated on 10th March 2026.