To meet the needs of the risk management and insurance industry by providing students with a strong understanding of how the insurance industry operates. Students will also learn the important principles underlying risk management. The interest in, and study of, risk has grown significantly due to improvements in the technology used to assess and measure risk and the development of innovations in the insurance and capital markets that control risk. Insurance is one of the main mechanisms used to control risk, through the transfer of that risk to a third party, usually an insurance company. The insurance company in turn is exposed to a variety of risks and can transfer some of these through reinsurance whilst other risks can be controlled using alternative markets. This module will introduce students to the role of insurance within the health market. Furthermore, this module seeks to raise awareness of global issues such as public health, natural disasters, terrorism etc. and the mitigating role of risk management and insurance.

The module details the historical development of insurance industry and more generally the discipline of risk management. The theoretical framework used by insurance companies to internalise risk and attribute a price to that risk are discussed in detail. The module details the development and implementation of a risk management strategy by both private corporations as well as public sector bodies.

Develop specialised technical risk analysis skills together with an understanding of risk strategy. Develop broad transferable skills such as problem-solving and creative thinking as a premise to enable evidence-based decision making. Identify and critically engage with seminal and contemporary literature, concepts and methods that inform the global risk management and insurance industries. Demonstrate articulate communication and collaboration skills through class discussion, group work, presentations and written assignments. Proactively engage in reflective learning and develop an appreciation for self-awareness and critical review.

Develop an appreciation of the propensity for risk decision making to be influenced by loss framing, societal influences and ethical viewpoints. Develop an appreciation of the societal and regulatory context in which insurance and financial institutions operate. Develop an awareness of the knowledge, skills and cultural sensitivity required in an international insurance and risk management environment.

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The module will be taught through a combination of lectures and tutorials in which the student will acquire the fundamental knowledge required to develop an understanding of the interdependencies of risk management and insurance. The students will engage in collaborative research and group presentations and will be encouraged to engage in debate in tutorials thereby improving the formulation and articulation of evidence-based arguments. Peer reviews are deployed within this module to encourage reflective learning and to develop responsible communication.