The purpose of this module is to provide students with a comprehensive and applied understanding of underwriting principles and practices within the non-life insurance industry, situated within the broader context of corporate risk management and insurer decision-making. The module examines how insurers identify, assess, price, and manage a wide range of risks, including material damage, liability, and pecuniary risks, and how these underwriting decisions shape organisational performance, solvency, and market outcomes. By engaging with both theoretical frameworks and practical underwriting applications, students will explore the critical relationship between underwriting, risk transfer, and risk control, as well as the role of underwriting in balancing profitability, risk appetite, and stakeholder expectations. Core topics include the underwriting process, insurance pricing principles, loss reserve management, and the governance and ethical dimensions of underwriting decisions. The module further situates underwriting practice within a rapidly evolving external environment. Students will examine how emerging developments, such as Artificial Intelligence in risk analysis, sustainability considerations, and changing regulatory and societal expectations, are reshaping underwriting models, risk selection, and pricing strategies. Particular attention is given to the implications of technological innovation and environmental, social, and governance (ESG) factors for insurer risk assessment and long-term resilience. Throughout the module, emphasis is placed on linking underwriting theory to contemporary industry practice, enabling students to critically evaluate real-world underwriting challenges faced by insurers, brokers, and corporate risk managers. Upon successful completion of the module, students will have developed a strong analytical foundation in underwriting and risk management, enhanced their ability to apply underwriting concepts to complex risk scenarios, and strengthened their understanding of the strategic role of underwriting within modern insurance organisations.

The theoretical framework used by insurance companies to internalise risk and attribute a price to that risk. The development and implementation of risk management strategies and the issues surrounding risk measurement. The underwriting process within the context of risk management. Principles of insurance pricing. Material damage insurance and risk control. Loss of profits. Pecuniary insurance. Liability insurance. Loss reserve management. Artificial Intelligence & Machine Learning in risk analysis and insurance underwriting. Underwriting and Sustainability. The morality of underwriting processes. Corporate Underwriting Strategies.

On successful completion of this module, students will be able to: Explain the principles and processes underpinning non-life insurance underwriting, including risk identification, assessment, pricing, and risk selection. Analyse a range of material damage, liability, and pecuniary risks using established underwriting frameworks and risk management concepts. Evaluate the implications of underwriting decisions for insurer solvency, profitability, and risk appetite within competitive insurance markets. Assess the impact of emerging developments, such as artificial intelligence, machine learning, sustainability, and regulatory change, on underwriting practice and insurer decision-making.

On successful completion of this module, students will be able to: Demonstrate an informed appreciation of the ethical responsibilities of underwriters, including transparency, fairness, and accountability in risk selection and pricing. Reflect on the perspectives and interests of multiple stakeholders, such as insurers, policyholders, regulators, and society, when evaluating underwriting and risk transfer decisions.

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The module is taught through 2 live lectures and 1 tutorial per week. Reading material is provided in advance of each tutorial for class discussion and students are encouraged to collaborate within groups. The module will include a guest lecture from senior underwriting professionals so students can link underwriting theory to contemporary industry practice.