| Program start date | Application deadline |
| 2023-09-01 | - |
Program Overview
Who is it for?
You’ll benefit from our MSc in Insurance and Risk Management if you’re looking to develop a career in the fast-growing sector of insurance and insurtech, or you already work in this field and want to enhance your knowledge, your contacts, and your career potential.
You relish the challenge of learning in a fast-paced, hands-on programme, created and taught by leading academics and practitioners.
You’ll be based within a stone’s throw of Lloyds of London (which you will have the opportunity to visit) - the global marketplace providing specialist insurance services to businesses in over 200 countries and territories, giving your studies a uniquely practical and strategic orientation that can be implemented anywhere.
You’ll have the equivalent of UK upper second-class degree, preferably with some previous studies in business or finance. And you may already have taken some Chartered Insurance Institute (CII) Advanced Diploma or Institute of Risk Management exams.
Program Outline
Structure
There are three ways of taking our MSc Insurance and Risk Management programme.
- A one-year full-time course
- A two-year part-time course*
- An exempt route (‘fast track’) course for CII Advanced Diploma holders (8 months full-time or 20 months part-time*)
In each case you will:
- Gain the ability to analyse, interpret and understand issues related to insurance application
- Effectively assist and contribute to risk management problems within modern financial markets or institutions
- Be able to seek senior positions in the insurance, finance and financial risk management arena or proceed to further postgraduate studies
Induction Weeks
All of our MSc courses start with two compulsory induction weeks which include relevant refresher courses, an introduction to the careers services and the annual careers fair.
Full-time programme
The full-time Insurance and Risk Management programme comprises two Induction Weeks, eight Core (compulsory) courses, and a flexible Term 3 that allows you to choose your own personal learning pathway as follows:
Term 1 (full-time)
Core modules:
Theory of Risk and Insurance
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.
Term 2 (full-time)
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.
Term 3 (full-time)
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 (‘fast track’) course for CII Advanced Diploma holders
The Exempt Route (‘fast 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*).
Career destinations for MSc Insurance and Risk Management
Your Master’s in Insurance and Risk Management equips you with the skills and knowledge required for a successful and fulfilling career in the field of insurance and risk management. You’ll be following previous graduates who now have flourishing careers around the globe, in major insurance companies, international insurance broking firms, investment and retail banks, risk management for major corporations and many other fields. Your first role could be as an underwriter, data analyst, loss adjuster, management associate or broker.
Take advantage of our close links with global leaders in the insurance and risk industries, and our experienced Careers Team, to understand your professional aspirations and find a career that matches them.
Class of 2021 profile
Recent graduate of the MSc in Insurance and Risk Management programme have secured positions in companies including:
- Cyber Assistant Underwriter - Chubb
- Senior Analyst, EMEA Credit Approval Centre - Bank of China
- Graduate Trainee, AXA XL - AXA
- Cyber Risk Analyst - Deloitte
- Business Analyst, Information Technology - ChainThat Ltd
Graduate testimonials
Here are testimonials from just a small number of our past students, spanning the last 25 years.
Amanda Ryan, Managing Director, Peninsula Underwriting Ltd
“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.” (2017 graduate)
Katja Wurm, Head of Allianz Multinational at Allianz SE
“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.” (2013 graduate)
Tom Hoad, Head of Innovation, Tokio Marine Kiln, London
“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.” (2009 graduate)
Georgia Tsiakki, Chief Risk Officer / Director of Risk, AMAL, ArgoGlobal
“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.”(2005 graduate)
Ahmed Ameel, Managing Director, Allied Insurance, Maldives
“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 career” (2008 graduate)
Despoina Makariou, PhD Candidate at the London School of Economics
“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.” (2013 graduate)
Anastasiya Kiskliak, Audit Manager, Direct Line Insurance Group, London
“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.” (2010 graduate)
Socrates Coudounaris, Executive Director, ERM, Reinsurance Group of America
“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!” (1997 graduate)
Maurizio Lualdi, Partner at Capital Research Global Investors
“The the Business School (formerly Cass) MSc in Insurance and Risk Management was instrumental in starting my career. Having produced a dissertation on ‘Alternative 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.” (1997 graduate)
Ashraf Musbally, Group Managing Director, Phoenix of East Africa Assurance
“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 insurance” (1993 graduate)
Course Director
Dr Cormac Bryce
Senior Lecturer in Insurance
Dr Cormac Bryce's leads the MSc Insurance and Risk Management course. His multi-method research spans from human behaviour in financial organisations to the effect of regulation, incentive structures and employee benchmarking on organisational behaviour within the aviation industry.
Dr Bryce has authored multiple industry reports on risk management, from the role of leadership in boardroom strategic decision making through to embedding risk management frameworks in FTSE 100 companies.
Teaching on the MSc Insurance and Risk Management
Our MSc Insurance and Risk Management programme is taught by a combination of leading academics from our Actuarial Science and Insurance and Finance faculties within Bayes Business School. They are complemented by Visiting Lecturers who are highly trained professionals, that bring a wealth of experience into the classroom from multiple corporate sectors, they are also active researchers and consultants working in the City of London.
This knowledge and experience inform the highly interactive lectures that make up the MSc Insurance and Risk Management.
- Dr Sotiris Staikouras
- Dr Cormac Bryce
- Prof. Patrick Liedtke, Honorary Visiting Professor in Practice
- Rosie Parsons
- Dr Simone Krummaker
- Chris Dickinson
- Prof Chris Parsons
- Tony Sault, Executive Director, EY
- Socrates Coundounaris, Non-Executive Director, Reinsurance Group of America