Insurance And Risk Management

The course covers the theoretical conceptual and practical fundamentals of insurance and risk management, examines alternative risk financing techniques, and explains specific insurance policies.

By the end of the programme students will be expected to demonstrate competence in all aspects associated with managing risk, placing risk as an insurance intermediary, underwriting risk and managing aspects of an insurance company and auditing insurance companies.

• Semester 1
  • The concept of risk.
  • Utility and risk. 
  • Insurability, Physical and moral hazards.
  • Collection and interpretation of data.
  • Introduction to risk management
  • Determination of premiums.
  • Historical development of insurance.
  • Insurance contract.
  • Introduction to insurance law.
  • Liability risks and insurance.
  • Selected insurance policies, life insurance.
• Semester 2 (prerequisite: a pass mark for Semester 1)
  • Long term business.
  • Risk management.
  • Reinsurance.
  • Statutory risk funds, Insurance companies. 
  • Organisation and administration of insurance companies.
  • Lloyds.
  • Protection and indemnity clubs. 
  • American insurance exchanges, captive insurance companies, SASRIA, insurance intermediary.