Insurance and Risk Management MSc

Compulsory 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 of the programme. 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.

Compulsory 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 5,000-word General Research Project (30 credits) and take three specialist elective modules (3 x 10 credits)

Option 2: You can take five specialist elective modules and Career Management Skills and Research Methods (6 x 10 credits)

Project and research skills

• General Research Project

  Any business needs key research and professional skills and, to be successful, methodologically sound and rigorous research. This module allows you to demonstrate your ability to integrate and apply concepts and techniques you have learned in an in-depth study of a topic of your choice.

  This module will enable you to demonstrate the results of your learning through the development of a final project. There is no single prescribed method.  For example, you may choose to complete more traditional academic desk research, complete a business plan, or carry out a consultancy project.

• Career Management Skills and Research Methods

  Strong research is a key element of development strategy for companies and institutions large and small.

  This module will provide a grounding in research methods, targeted to your particular degree requirements. You will be able to use these skills to support your learning, substantiate your arguments and make assessments about the nature of the evidence you are using.

  Career and employability skills development will help you develop your aspirations, take a planned and efficient approach to your job search and / or entrepreneurial plans, and help you create a strong base from which to manage your career in the longer term. It will also help you understand how to apply your learning in the wider context of your career.

  Throughout this module you will also be encouraged to reflect on your learning through a sustainable and ethical lens. This will help you understand how to take an ethical approach to your research and taking an ethical, sustainable and forward-looking approach to your career development.

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 compulsory modules in year 1 and the remaining compulsory modules in year 2.

Electives offered in 2023

• Claims Management
• Corporate Restructuring
• Digital Finance
• Ethics, Society and the Finance Sector
• Financial Crime
• Liability Insurance
• Mergers & Acquisitions
• Operational Risk Management
• Reinsurance
• Shipping Risk Management

*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 compulsory 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*).