YouTube video

Alex Gordeev studied on the MSc Insurance and Risk Management at Bayes Business School. In this video, he tells us how role as a Compliance and Regulatory Affairs Analyst at AXA XL and how his practise of bouldering inspired him to pursue a career in insurance risk management.


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.


*You might still see us referred to as Cass Business School. Find out more about our name change.

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.

Have a question about student experience at Bayes?

Talk one-on-one with a student who is currently studying at Bayes.

Ask a student


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*)

*Applications for part-time study are now closed

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

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, three Elective courses and a Business Research Project, as follows:

Assessment methods


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

Term dates 2022/23

  • Induction: 12th September 2022 - 23rd September 2022
  • Term one: 26th September 2022 - 9th December 2022
  • Term one exams: 9th January 2023 - 20th January 2023
  • Term two: 23rd January 2023 - 7th April 2023
  • Term two exams: 24th April 2023 - 5th May 2023
  • Term three - international electives: 8th May 2023 - 19th May 2023
  • Term three: 22nd May 2023 - 7th July 2023
  • Term three exams: 10th July 2023 - 21 July 2023
  • Resits: 14th August 2023 - 25th August 2023
  • Additional resit week - tests only: 28th August 2023 - 1st September 2023.


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.

View academic timetables

Please note that all academic timetables are subject to change.

Teaching staff

Course Director

photo of Simone Krummaker

Dr Simone Krummaker

Senior Lecturer in Insurance

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 part-time study are now closed

Documents required for decision-making

  • Transcript/interim transcript
  • Grading system used by your university
  • Current module list if still studying
  • CV
  • 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.

Individual Appointments

If you would like to arrange an individual appointment to discuss the application process and be given a tour of the facilities, please complete this form.

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.

Entry requirements

  • 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

Some other English Language tests might be accepted


UK/EU/International £23,000 Tuition fees are subject to annual change
UK/EU/International (part-time) £11,500 per annum Tuition fees are subject to annual change

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)(

*Applications for part-time study are now closed

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.

The Wael Khatib Scholarship is set up by Lockton MENA Ltd as a tribute to the founder of Lockton in the MENA region, Wael Khatib. Full-time MSc Insurance and Risk Management students can apply for this scholarship.

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.

Information about Scholarships

Career pathways

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 2020 profile

Recent graduate of the MSc in Insurance and Risk Management programme have secured positions in companies including:

  • Junior Underwriter - Energy and Construction - Allianz
  • Junior Data Analyst - Data and Operations - Shepherd Global
  • Senior Loss adjuster - Charles Taylor
  • Management Associate - Chubb Insurance
  • Broker - Non marine retrocession and property specialty - Lockton Re

Where they are working now

  • UK - 33%
  • EU/EEA - 6%
  • The Americas - 11%
  • Oceania - 6%
  • Asia - 44%

Industry post-master's

72% Financial Services - Insurance
6% Financial Services - Accounting / Auditing services
6% Financial Services - Investment Bank - Other
6% Financial Services - Investment Banking - Operations
6% Consulting - Financial Services 
6% Education
Data provided from alumni who completed the annual destination data survey for the class of 2019/20.

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 information and statistics (2021/22 cohort)

average age of student body (21/22 cohort)
3.5 years
average work experience
nationalities in 20/21 cohort
Diploma/ certificate
from multiple professional exams available to graduates


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.