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.
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.
The newly redeveloped MSc Insurance and Risk Management provides you with the ability to acquire in-depth practical knowledge of the theoretical foundations that underpin modern insurance, which is of vital importance to the stability of any functioning society. This can be due to insurance companies being large investors in financial markets; the growing links between insurers and banks; or because insurers are safeguarding the financial stability of households and corporations by insuring their risks.
The MSc Insurance and Risk Management addresses these key contributions of the global insurance industry from the position of the insurers and the insureds, providing insights that allow you to decide what side of the dynamic insurance relationship you would like to focus your career pathway on.
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
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, and a flexible Term 3 that allows you to choose your own personal learning pathway as follows:
Term 1 (full-time)
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.
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)
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.
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
- 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*).
We review all our courses regularly to keep them up-to-date on issues of both theory and practice.
To satisfy the requirements of the degree course students must complete:
- eight core courses (15 credits each)
- six electives (10 credits each)
- four electives (10 credits each) and an Applied Research Project (20 credits)
- two electives (10 credits) and a Business Research Project (40 credits).
Assessment of modules on the MSc Insurance and Risk Management, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work may include an element of peer assessment.
Term dates 2023/24
- Induction: 11th September 2023 - 22nd September 2023
- Term one: 25th September 2023 - 8th December 2023
- Term one exams: 8th January 2024 - 19th January 2024
- Term two: 22nd January 2024 - 5th April 2024
- Term two exams: 22nd April 2024 - 3rd May 2024
- Term three - international electives: 6th May 2024 - 17th May 2024
- Term three: 20th May 2024 - 5th July 2024
- Term three exams: 8th July 2024 - 19th July 2024
- Resits: 12th August 2024 - 23rd August 2024
- Additional resit week - tests only: 26th August 2024 - 30th August 2024.
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 (add timetable and search for your programme)
Please note that all academic timetables are subject to change.
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.
How to apply
Documents required for decision-making
- Transcript/interim transcript
- Grading system used by your university
- 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 award documents must be verified, and should be provided to the relevant Admissions Officer via one of the methods stated in your offer.
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.
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.
- 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 an English language test.
If you have studied in the UK at degree level for less than three years (e.g. 3+1, 2+1, 2+2, etc.) you will be required to provide the results of an approved English language test and possibly resit the test to meet our academic entry requirements.
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): £16,500 (full-time); £8,250 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 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.
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
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 (2022/23 cohort)
Successfully obtaining the MSc allows for significant exemption from the exams of the Chartered Insurance Institute (CII), reflecting the applicability of the MSc Insurance and Risk Management to the industry.
The course team are also in the process of applying for exemptions from some examinations of the Institute of Risk Management (IRM), the leading professional body for risk management. More details on this will follow.
See accreditation details
The Chartered Insurance Institute is a professional body of over 124,000 members, dedicated to building public trust in the insurance and financial planning profession.
Success in CII qualifications is universally recognised as evidence of knowledge and technical expertise. The CII's purpose, as set out in its 1912 royal charter, is to 'Secure and justify the confidence of the public' in its members and the insurance sector as a whole.
Students successfully completing the MSc Insurance and Risk Management will be awarded exemptions of up to 210 credits of CII modules.
Core MSc IRM Exemptions
Exemption* of 25 or 30 Diploma or Advanced Diploma-level credits towards CII insurance qualifications for units: (M05) Insurance law, (M92) Insurance business and finance, (990) Insurance corporate management, (992) Risk management in insurance. And 30 Advanced Diploma-level non unit-specific credits towards CII insurance qualifications.
*Exemption dependent on students passing certain modules, full details on the CII website
Optional MSc IRM Exemptions (dependent on Student choices for Term 3)
Exemption* of 25 to 50 Diploma or Advanced Diploma-level credits towards CII insurance qualifications for units: (994) Insurance market specialisation or (991) London Market insurance specialisation, (M97) Reinsurance, (M98) Marine, hull and associated liabilities insurance, (M96) Liability insurances, (820) Advanced Claims. And 30 Advanced Diploma-level non unit-specific credits towards CII insurance qualifications for passing the Applied Research Project.
*Exemption dependent on students passing certain modules, full details on the CII website
Recognition of prior learning towards CII personal finance qualifications
- 30 Advanced Diploma-level non unit-specific credits. This set of non unit-specific credits recognises the degree’s risk management content match to CII personal finance qualifications.
N.B. The maximum prior learning award for qualifications from one awarding body is currently 210 credits.
Full details of the CII prior learning standards are on the CII website in the CII recognition of prior learning scheme rules and recognition of prior learning awarding bodies guide.
The Institute of Risk Management (IRM) is the leading professional body for Enterprise Risk Management (ERM). They provide globally recognised qualifications and training, all of which are underpinned by their professional standards, defining the requirements risk managers need to meet. By these means, they help organisations and individuals build excellence in risk management so that they protect value and take advantage of opportunity.
Students successfully completing the MSc Insurance and Risk Management will be awarded full exemption from the IRM International Diploma in Risk Management. For 30 years, the IRM's International Diploma in Risk Management has been the global choice of qualification for risk professionals and their employers - the gold standard qualification. MSc Insurance and Risk Management graduates can apply for ‘Graduate’ membership of the IRM and use post-nominal letters GradIRM.
To qualify for these exemptions Graduates must complete:
- Business Research Project and TWO electives OR
- Applied Research Project and FOUR electives
The quality of Bayes courses 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.