Insurance and Risk Management MSc
Key information
Duration: 12 months full-time, 24 months part-time
Attendance mode: Full-time; Part-time
Location: Bunhill Row
Start of programme: September 2025
Application deadline: Rolling applications
Entry year: Showing course information for 2025
Acquire in-depth insurance knowledge that underpins household, company, and societal decision-making
Overview
Insurance and Risk Management MSc 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) - giving your studies a uniquely practical and strategic orientation that can be implemented anywhere.
You’ll have the equivalent of a 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.
Why choose this course?
Multiple full fee scholarships available from the Worshipful Company of Insurers and Lockton LLP
Discover opportunities for industry-based research projects with company partnerships from the insurance industry
Join a diverse international cohort with a strong sense of community between the teaching team and student body
Tailor your course to your career and industry aspirations with a choice of options in the third term, including a supervised research project plus elective modules, or electives only
Join our AIR-Q society (Actuarial, Insurance, Risk & Quants) student society for exclusive access to company careers sessions and corporate risk thought leader events.
Course objectives
The 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.
Teaching staff
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.
Course Director:
Dr Cormac Bryce 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 and professional sports.
Other teaching faculty:
- Dr Sotiris Staikouras
- Dr Cormac Bryce
- Prof Patrick Liedtke, Honorary Visiting Professor in Practice
- Rosie Parsons
- Dr Simone Krummaker
- Chris Dickinson
- Tony Sault, Executive Director, EY
- Socrates Coundounaris, Non-Executive Director, Reinsurance Group of America
Accreditation details
Successfully obtaining the MSc Insurance and Risk Management provides students with full exemption from the prestigious Institute of Risk Management (IRM) International Diploma in Risk Management. This is further enhanced with multiple and wide-ranging exemptions from the globally recognised Chartered Insurance Institute (CII). This recognition of prior learning from the IRM and CII is industry leading within UK higher education and are important indicators of the industry interface that this programme prides itself on.
CII
The Chartered Insurance Institute is a professional body dedicated to building public trust in the insurance and financial planning profession. CII qualifications are universally recognised as evidence of knowledge and technical expertise.
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 from CII unit (992) Risk management in insurance (30 Advanced Diploma-level credits towards CII insurance qualifications) for passing all the following Bayes MSc IRM modules SMM356, SMM352, SMM359, SMM089. 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, (M96) Liability insurances. 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.
IRM
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
Validation
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.
Course content
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.
Course structure
Programme content is subject to change. We regularly review our module offering and amend to keep up to date and relevant.
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.
Part-time programme
The part-time Insurance and Risk Management course runs over two academic years, although attendance patterns partly depend on which term 3 pathway is chosen.
Current employment or experience in the industry is preferred but not required.
Full-time programme
The full-time Insurance and Risk Management programme comprises two Induction Weeks, eight compulsory courses, and a flexible Term 3 that allows you to choose your own personal learning pathway as follows:
Term 1
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.
Term 2
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.
Term 3
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*).
Download course specification:
Insurance and Risk Management MSc [PDF]Assessment methods
Term dates
Term dates 2025/26
- Induction: 15th September 2025 - 26th September 2025
- Term one: 29th September 2025 - 12th December 2025
- Term one exams: 5th January 2026 - 16th January 2026
- Term two: 19th January 2026 - 3rd April 2026
- Term two exams: 20th April 2026 - 1st May 2026
- Term three - international electives: 4th May 2026 - 15th May 2026
- Term three: 18th May 2026 - 3rd July 2026
- Term three exams: 6th July 2026 - 17th July 2026
- Resits: 10th August 2026 - 21st August 2026
- Additional resit week - tests only: 24th August 2026 - 28th August 2026.
Timetables
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.
Fees & funding
UK/Home fee
September 2025 entry
£15,800
MSc full-time
MSc part-time
Tuition fees are subject to annual change.
International fee
September 2025 entry
£27,300
MSc full-time
MSc part-time
Tuition fees are subject to annual change.
Fees for fast track exemption route for CII Advanced Diploma holders:
- UK/Home £11,100 (full-time), £5,600 (part-time, per year)
- International: £19,200 (full-time), £9,600 (part-time, per year).
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).
Scholarships & bursaries
Scholarships, sponsorships, loans and other funding could support your education at Bayes Business School.
Learn about the cost of living as a Bayes student in London.
Scholarships
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.
View our scholarships and fundingOther funding opportunities
Scholarships are very competitive, you may wish to look other options for funding, including the government PG Loan.
View other funding optionsSponsorship
Students on the course who are sponsored in full or in part by their employer will need to complete a sponsorship form as part of the application process.
View our sponsorship guidanceCareers
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.
Over the last 12 months, our Insurance and Risk Management students had the opportunity to attend sessions such as insurance alumni panels designed to give students an overview of the typical career routes that our alumni have taken.
There have also been opportunities to gain a better understanding of different industry sectors through sessions such as the Insurance Sector and Consulting Sector Overviews. Students also get a range of opportunities to engage with industry professionals through our annual careers fair and corporate events.
Recent graduates have secured positions such as:
- Underwriting Trainee
- Risk Consultant
- Credit Analyst
- Supervision Officer
- Business Manager
- Senior Broker
- Business Intelligence Analyst
Download our latest MSc Employment Report
Dedicated to your success
From the moment you accept your offer, you'll have access to our dedicated Postgraduate Careers Service, tailored to support your career journey. Our Career Accelerator module, launched over the summer, provides early access to valuable resources, employer insights, and career planning tools to prepare you for the job market.
Our expert Postgraduate Careers Team, made up of experienced recruiters and career coaches offers personalised one-to-one guidance, covering everything from networking and CV building to job offer management and mock interviews. Whether you’re pursuing a new career path, seeking an entry-level role, or launching your own business, you'll receive support to develop the skills and knowledge needed to succeed.
You'll also benefit from exclusive events such as Careers Fairs, panel discussions, and networking opportunities with industry professionals and alumni, helping you explore career options and make valuable connections.
Workshops led by our Careers Team and industry experts cover essential professional skills, including presentation techniques, personal branding, and assessment centre success, ensuring you stand out in the job market.
Additionally, Bayes Careers Online (BCO) offers career planning tools, guidance leaflets, access to job postings directly from employers and key career events, helping you stay on track with your career goals.
Recent employers
Alumni stories
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 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.
Full list of approved English language tests/qualifications and minimum requirements.
Apply
Please see our Application Guide for details of the documents you will need to supply as part of your application, and other useful information.
We cannot comment on individual eligibility before you apply. We can only make a decision on your application once it is fully complete, with all requested information received.
Frequently asked questionsApply for September 2025 entry
We only accept online applications.
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.
Student life
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London is ranked first as 'Best Student City' in the world to study in (QS, 2025).
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