This module is motivated by the priority of funding the costs of ill-health and increased longevity among insured populations. It incorporates research in health sciences and computer modelling, as well as financial innovation, to better understand the risks faced by insurance organisations and markets. Particular attention is paid to the regulatory context of health-policy development, asset-liability management in insurance organisations, and technological innovations in the pricing of health and life insurance products.

The module examines the risk management challenges presented by an ageing demographic in Western economies and spikes in extreme mortality. The module extends to life and health risks that are particular to emerging and developing societies. It necessarily incorporates advanced techniques applied in risk modelling, the health sciences and finance to provide a cohesive set of skills that students can apply in private organisations such as reinsurers, captives and banking as well as in public sector organisations. The module structure is designed to include an introduction to health and life economics and new theories on ageing, modelling longevity and extreme mortality risk; then to progress to asset-liability management in insurance organisations; the structure and expected liabilities of public and private pension schemes; the securitisation of longevity and extreme mortality; social care and funding health risks among ageing populations; life and health insurance models within emerging and developing economies and the regulatory environment of health-care policy.

On successful completion of this module, students will be able to: • Demonstrate an understanding of the structure and expected liabilities of public and private pension schemes • Demonstrate an understanding of the role of social care and innovative policies on successful ageing in reducing liabilities • Apply demographic data to insurance product design and asset-liability management • Apply life and health insurance modelling techniques to generate evidence-based policy decisions • Develop potential policy initiatives for effective funding mechanisms for liabilities arising out of defined benefit pensions

On successful completion of this module, students will be able to: • Demonstrate an appreciation of the role of financial innovation and social policy in managing life and pensions risk in Western and emerging economies • Demonstrate an appreciation of the complex knowledge, skills and cultural sensitivity systems required in an international insurance and risk management environment.

On successful completion of this module, students will be able to:

The delivery of classes will be through classroom-based lectures, supported by labs and tutorials to further develop learners' quantitative modelling skills. Constructivist classroom environments underpin the approach to learning, particularly as it relates to appreciating the fundamental principles of life and health insurance. Learners will be assessed through formative and summative assessments, with the former being prioritised to promote learner empowerment.