Who is it for?
You want to develop a successful career in insurance or risk management; or you already work in one of these fields and want to expand your knowledge and enhance your career potential.
At Bayes, you will study both applied and theoretical aspects of insurance and risk management to an advanced level.
Ask a student
Chat to one of our MSc Insurance and Risk Management students now and have them answer your questions on everything from application to student life.
Our MSc Insurance and Risk Management master's programme will equip you with the all-round knowledge and skills necessary to succeed in the constantly evolving fields of insurance, risk and risk management.
You will work through a balanced programme which combines a practical approach with sound theory to create a learning environment that is both challenging and stimulating. You will emerge with a well-regarded and flexible postgraduate degree, solidly positioned to build a successful career in an exciting an increasing complex business world –see ‘Career Pathways’ for testimonials from our past students.
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:
- Acquire comprehensive knowledge of the theory, principles and practices of insurance and risk management
- Develop a wide range of technical and conceptual skills
- Network with your peers and senior finance industry professionals in the City of London
- Enjoy an enriching environment as part of an international student body
- Acquire a flexible qualification to prepare you for wide range of roles in insurance, risk management or finance
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.
The full-time Insurance and Risk Management programme comprises two Induction Weeks, eight Core (compulsory) courses, three Elective courses and a Business Research Project, as follows:
Term 1 (full-time)
Insurance Law and 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.
Principles of Finance and Financial Analysis
Finance as a discipline is the study of how to allocate scare resources over time under conditions of uncertainty.
Finance in its broadest definition is important in all types of businesses, whether they are public or private, deal with financial services, or are manufacturers.
The study of finance consists of three main pillars: a) money and capital markets, b) investments and c) financial 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.
Theory of Risk and Insurance Markets
The course complements other introductory courses and provides a good foundation for the more specialised elective subjects.
The aim of the course is to 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.
Term 2 (full-time)
Accounting and Financial Management in Insurance
This module examines the accounting treatment and financial management of insurance companies, developments within the regulatory environment and the risks facing insurance companies and pension plans.
Business Organisation and Corporate Strategy in Insurance and Financial Services
The aim of this course 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.
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.
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.
Research Project Management Skills Workshop
This module trains students to undertake independent research either in the context of a single organisation or by using third-party sources.
It provides the necessary tools and skills to initiate, research and write up a business project and includes training in research methodology, availability of data sources, project writing, time-management and presentation skills.
Term 3 (full-time)
In term three you will choose three specialist electives and work on a business research project.
Business Research Project
It is important for aspiring professionals to demonstrate an ability to apply concepts and techniques learned through an in-depth study of a topic of their choice and organise their findings in a well-structured report, all conducted within a given time period.
To train you to undertake individual research and provide you with an opportunity to specialise in a current business topic related to your future career aspirations, you are required to submit a report of approximately 10,000 words on any subject relevant to the MSc Insurance and Risk Management postgraduate programme.
Your Project will be based on research that might involve any of the following: extracting data from electronic databases or by hand, statistical analysis of large or small populations, interviews, or case studies of a whole industry, market, industry sector, or particular business.
Three specialist electives
You are required to take three specialist Elective courses as part of your degree. They are usually assessed by coursework only.
Bayes Business School offers over 90 different Elective courses, which are reviewed and updated regularly.
Examples of Electives suitable for MSc Insurance and Risk Management students, currently offered, include:
- Operational Risk Management
- Claims Management
- Liability Insurance
- Marine, Aviation and Transport Insurance
- Alternative Risk Transfer and Risk Securitisation
The part-time Insurance and Risk Management course runs over two academic years and typically involves a late afternoon session and an evening session each week, although attendance patterns partly depend on which elective courses are chosen.
The two year part-time option is open only to students with commercial experience in risk management or insurance.
The general structure is similar to the one-year full-time course but tuition is spread over two years with students taking only two courses each term rather than four.
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 three core subjects: Insurance Law and Regulation, Risk Management, and Theory of Risk and Insurance Markets.
The course begins in January rather than September and runs for 8 months (full-time version) or 20 months (part-time version).
To satisfy the requirements of the degree students must complete:
- Eight Core courses (15 credits each) (or five Core courses for Exempt Route students)
- Three Elective courses (10 credits each) and a Business Research Project (40 credits).
Assessment of Core courses on the MSc in Insurance & Risk Management is by means of coursework and unseen examination in most cases. Elective courses are generally assessed by coursework only.
Coursework may consist of standard essays, individual or group presentations, group reports, classwork, unseen tests or problem sets. Group work may include an element of peer assessment.
We review all our courses regularly to keep them up-to-date on issues of both theory and practice.
Term dates 2021/22
- Induction: 20th September 2021 - 1st October 2021
- Term one: 4th October 2021 - 17th December
- Term one exams: 10th January 2022 - 21st January 2022
- Term two: 24th January 2022 - 8th April 2022
- Term two exams: 25th April 2022 - 6th May 2022
- Term three - international: 9th May 2022 - 20th May 2022
- Term three: 23rd May 2022 - 8th July 2022
- Term three assessments: 11th July 2022 - 22nd July 2022
- Resits: 15th August 2022 - 26th August 2022
- Additional resit week – tests only: 29th August 2022 - 2nd September 2022
- Research Project Submissions: Thursday 1st September 2022
Note: term one resit tests for the Energy / Shipping Trade and Finance degrees will normally take place in the week immediately prior to the August resit period.
Course timetables are normally available from July and can be accessed from our timetabling pages. These pages also provide timetables for the current academic year, though this information should be viewed as indicative and details may vary from year to year.
Please note that all academic timetables are subject to change.
Simone Krummaker is a Senior Lecturer in Insurance and the Course Director for the MSc in Insurance & Risk Management. Before joining the Business School (formerly Cass)'s Faculty of Actuarial Science and Insurance in 2018, Simone helped in starting up University of East Anglia’s London campus, was a Senior Lecturer in Finance at Westminster Business School and worked as a Lecturer and Researcher at the Centre for Risk and Insurance at Leibniz University of Hannover.
Simone holds a doctoral degree from the Leibniz University of Hannover and is a Fellow at the Institute for Trade and Innovation at Offenburg University. Before joining academia, Simone worked for more than 10 years in the insurance industry in several positions such as underwriting and controlling.
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 faculties of Actuarial Science and Insurance, Finance and Management and Visiting Lecturers. All our Visiting Lecturers are senior practitioners in insurance and risk management who bring a wealth of real world experience to the classroom. Many of them work nearby, in the City of London.
- Prof Chris Parsons, Professor of Insurance
- Dr Cormac Bryce, Senior Lecturer in Risk and Insurance
- Dr Sotiris Staikouras, Senior Lecturer in Banking & Finance
- Prof. Patrick Liedtke, Honorary Visiting Professor in Practice
- Tony Sault, Executive Director, EY
- Christopher Dickinson
- Rosie Chopra.
How to apply
Applications for 2021 are now closed.
Applications for 2022 entry will open in November 2021.
Documents required for decision-making
- Transcript/interim transcript
- Current module list if still studying
- Personal statement - this should be 500-600 words in length and answer the following:
- Why have you selected this course? What are your motivating factors?
- What are your areas of interest within the course?
- What contributions do you feel you can make to the course?
- How do you see the course affecting your career plans?
Documents which may follow at a later date
- English language test result if applicable
- Confirmation of professional qualification examinations/exemptions/passes, if applicable
- Two references
- For a successful application to receive an unconditional status all documents must be verified, so an original or certified copy of the degree transcript must be uploaded to the application form or e-mailed to the relevant Admissions Officer upon request
We cannot comment on individual eligibility before you apply and we can only process your application once it is fully complete, with all requested information received.
Unfortunately, as a result of the evolving situation regarding the coronavirus (COVID-19) pandemic, we can only offer online appointments to discuss your application. To book one, please get in touch with the relevant Admission Officer
Please note; these are subject to availability.
Terms and conditions
Students applying to study at Bayes Business School are subject to City, University of London's terms and conditions.
- A UK upper second class degree or above, or the equivalent from an overseas institution.
- Some level of previous study in business or finance is preferred.
- Work experience is not a requirement of this course.
English language requirements
If you have been studying in the UK for the last three years it is unlikely that you will have to take the test.
If you have studied a 2+2 degree with just two years in the UK you will be required to provide IELTS results and possibly to resit the tests to meet our requirements.
- The required IELTS level is an average of 7.0 with a minimum of 6.5 in the writing section and no less than 6.0 in any other section
Fees in each subsequent year of study for continuing students (where applicable) will be subject to an annual increase of 2%. We will confirm any change to the annual tuition fee for continuing students in writing prior to commencing each subsequent year of study (where applicable).
Fees (fast track route): £15,500 (full-time); £7,750 per annum (part-time)
Deposit: £2,000 (usually paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met)
First installment: Half fees less deposit (payable during on-line registration which should be completed at least 5 days before the start of the induction period)
Second installment: Half fees (paid in January following start of course)
The September 11th Scholarship is provided by The September 11th Insurance Trust which is supported by Lloyds and a number of firms in the London insurance market. The purpose of the Trust is to hold the proceeds of charitable events, which are used to fund the education of young people working within the US or UK insurance industry. Two £10,000 scholarships are offered in memory of friends and colleagues who lost their lives in the attacks.
The Worshipful Company of Insurers (WCI) and Bayes Business School have established a scholarship scheme for students taking the MSc in Insurance and Risk Management at Bayes. Under the scheme, two students will have their fees paid in full.
There are also a number of general scholarships, open for applicants to all Bayes MSc degrees, including MSc Insurance and Risk Management. Please click on the link below to see more information on all scholarships and to apply.
Career destinations for MSc Insurance and Risk Management
Our MSc Insurance and Risk Management is a long-established course with excellent career opportunities, and we are very proud of the career progression of our graduates with many enjoying flourishing careers around the globe in major global insurance companies, international insurance broking firms, investment and retail banks, risk management for major corporations and many other fields. This master’s degree equips our students with the skills and strong knowledge required for a successful and fulfilling career in the field of insurance and risk management.
Our unique location offer unrivalled access to major international insurance brokers, top insurance and reinsurance firms, investment and retail banks and other global leaders within the industry.
Our dedicated Careers Team will help you identify your ideal career path and work with you to maximise the potential of accomplishing your professional goals.
Class of 2019 profile
Recent graduate of the MSc in Insurance and Risk Management programme have secured positions in companies including:
- Deputy Manager, Chubb
- Non-Life Risk Manager, Generali
- Risk Analyst, Munich Re Syndicate
- Associate, Arthur J Gallagher
- Placement Executive, Marsh & McLennan
- Analyst, Deutsche Bank
Where they are working now
- UK - 52%
- EU/EEA - 3%
- North America - 6%
- Middle East and Africa - 6%
- Asia - 27%
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 information and statistics
The quality and relevance of our MSc Insurance and Risk Management programme is acknowledged in many different ways, including the following:
See accreditation details
Successfully obtaining the MSc in Insurance and Risk Management allows exemption from the examinations of several professional bodies.
Chartered Insurance Institute (CII)
MSc Insurance and risk Management students have the opportunity to earn very substantial exemptions from internationally-recognised professional examinations in the field of insurance and risk management, including 205-210 credits towards the 290 credits required for the Chartered Insurance Institute Advanced Diploma.
The Chartered Insurance Institute (CII) is acknowledged as the leading world forum for professional insurance education with over 120,000 members in over 100 countries
Exemptions are also given from some examinations of the Institute of Risk Management (IRM), the leading professional body for risk management
The quality of Bayes courses generally is recognised through our ‘Triple Crown’ accreditation by AMBA, AACSB and EQUIS
Bayes has been designated by the International Insurance Society (IIS) as a Global Centre of Insurance Excellence (GCIE). The IIS certification programme recognises outstanding risk management and insurance programmes that play a key role in promoting insurance knowledge and research.
Eduniversal has given our MSc in Insurance and Risk Management its highest ‘four star’ rating. Our Insurance and Risk Management degree is the highest placed UK-based course in field of risk and insurance in the Eduniversal ranking.
Our MSc Insurance and Risk Management students have often won major prizes for work completed at Bayes. For example, our students’ MSc Dissertations have received Research Awards from the Geneva Association (International Association for the Study of Insurance Economics) and International Insurance Society (IIS) and have won the UK Actuarial Prize awarded by the major international reinsurer SCOR on several occasions in recent years.