Programme Summary 

COURSE SYNOPSIS

CIN 5101 Theory of Risk and Insurance Markets                                                                20 credits

Provides a sound understanding of the basic principles of risk and insurance, and the characteristics of the main types of insurance, both life and general. Offers an introduction to the structure and operation of international insurance markets and the function of insurance firms within the financial system. Covers the general principles of insurance underwriting and claims management. Provides a good foundation for the more specialised elective subjects.

CIN 5102 Investment and Financial Analysis                                                                      20 credits

Enables students to understand and apply the fundamentals of investment and financial analysis, developing and enhancing their ability to analyse and value securities and corporations. Provides a thorough understanding of areas of investment, financial and risk management, along with the necessary theoretical knowledge and statistical tools to interpret financial information. All these are brought together in a unified framework to analyse the strategies, techniques and tools for analysing and interpreting financial information. The module is highly participative, with practical case studies in cash flow, investment and financial analysis.

CIN 5103 Research Methods in Insurance                                                                         20 credits

This module trains students to undertake independence either in the context of a single organisation or by using third-party sources. It provides the necessary tools and skills to initiate, research and write up a business project and includes training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career.

CIN 5104 Risk Analysis and Modelling                                                                              20 credits

A highly interactive computer based module which explores the statistical methods that are used in finance, risk analysis and risk management. The main objective of the module is to give students an understanding of the fundamentals of these techniques. The module offers a refresher in the underlying principles of probability and statistics, exposure to the under-lying theory and methods, and comprehensive coverage of the tools and techniques that are used in risk modelling.

CIN 5201 Insurance Law and Regulation of Financial Markets                                              20 credits

Provides a framework for the principles of contract and business law and their application to insurance, together with an understanding of the special legal principles that apply in insurance. Places emphasis on Roman-Dutch/English common law but where appropriate, draws comparison with other legal systems. The module also provides knowledge of how different regulatory systems affect the operation of insurers in the major insurance markets of the world.

CIN 5202 International Reinsurance Practice                                                                     20 credits

The module examines the main global reinsurance markets and how reinsurance is practiced, regulatory measures and taxation; reinsurance accounting methods and the fundamental aspects of reinsurance programming.

CIN 5203 Operational Risk Management                                                                            20 credits

Equips participants with a working knowledge of operational Risk Management and cover: Introduction to Operational Risk Management; Identifying Operational Risks; Calculating Operational Risk Capital; Operational Case Studies; Assessment of the impact of the latest regulatory rules. The module goes on to offer a framework for an integrated approach to risk management within a corporation i.e. an Enterprise-wide Risk Management system (ERM) and covers the management of Strategic, Reputational, Legal and Compliance risks.

CIN 5204 Alternative Risk Transfer (Art) And Risk Securitisation                                         20 credits

The module encompasses newer forms of risk protection forming the Alternative Risk Transfer (ART) market. This module covers the ART market; its functions, participants and products; its advantages and disadvantages, and its future prospects, together with a thorough coverage of the following: Capital markets Issues, Securitisation, Contingent Capital Structures, Insurance Derivates, and the future prospects for growth of the ART market.

CIN 5205 Financial Risk Management                                                                               20 credits

This module focuses on the development of sound financial risk management practices for financial institutions and encompasses the management of credit, market, liquidity and foreign exchange risks. It equips participants with a working knowledge of Financial Risks; Mitigation, Monitoring and Controlling Financial Risks; Financial Risk Case Studies Assessment of the impact of the latest regulatory rules. The module emphasises the key pillars of a robust risk management framework which include Adequate board and senior management oversight; Sound risk management policies and procedures; Adequate management information systems; Strong risk measurement, monitoring and control capabilities and Adequate internal controls. Extends to study the creation of instruments that enable institutions to transfer risk and enhance liquidity and will also cover risk management strategies using derivatives.

CIN 5206 Asset Liability Management in Insurance                                                             20 credits

The module has been designed to discuss concepts and case studies on Asset Liability management (ALM) for the insurance industry. The module discusses and reviews ALM concepts such as cash flows and risks of insurance products (assets and liabilities), applicable regulatory and capital guidelines, actual case studies and current trends and developments. The module helps students define, measure, monitor and manage a financial institution's exposure to Foreign Exchange, Interest rate and Liquidity Risks on a coordinated and consistent basis.

CIN 5207 Business Ethics and Corporate Governance                                                        20 credits

This module creates an awareness of the laws and the legal, political and social institutions which impact upon business activity. The module emphasises public law, governmental regulation, ethics and corporate governance. Landmark legislation and judicial decisions will be examined.

CIN 5301 Strategic Management for Insurance and Financial Services                                  20 credits

Covers analytic 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. The module also aims to provide a sound understanding of the application of principles of strategic management within insurance and other financial enterprises. It seeks to identify the strategic issues that currently face insurance and financial services firms and to position these issues in their wider economic and regulatory context.

CIN 5302 Accounting and Financial Management in Insurance                                            20 credits

Module provides students with an understanding of financial management approaches in insurance companies. It equips them with techniques of finance planning and control employed by insurance enterprises and further provides an understanding of treasury management and investment management issues within insurance companies. The module also covers: Accounting for life insurance and non-life insurance companies. Analysing financial performance of insurance companies, Solvency analysis; Reserving methods.

CIN 5303 Property Insurance                                                                                           20 credits

Module seeks to acquaint students with functions of property and business interruption insurance and the main lines thereof; underwriting considerations applicable to each. This module will analyse property insurance contracts, including commercial auto and farm policies.

CIN 5304 Liability Insurance                                                                                            20 credits

An analysis of international laws and regulations and their implications on liability insurance; the law of delict/tort; strict liability; vicious liability; types of liability insurance covers; liability insurance wordings and the interpretation thereof; assessment of liability damages and the quantification thereof.

CIN 5305 Life and Health Insurance                                                                                  20 credits

The module will analyse concepts of Life and Health insurance including; Demographical bases, Life products, Single premiums, single recurrent and periodic premium insurance products, Mathematical provisions, Life insurance products; Endowment, Life annuity, unit and index linked, pension funds; Life insurance with benefits linked to investment performance; The valuation of the life insurance business; Portfolio Evaluation tools, Risks and Solvency Life Reinsurance.

CIN 5306 Pensions Management                                                                                      20 credits

This module provides in-depth coverage of employee benefit plans such as group insurance and pensions with special consideration given to funding instruments and variety among plans as well as important legal employee benefits issues including discrimination, benefit limitations, and tax treatment.

CIN 5300 Dissertation                                                                                                     80 credits

This represents the final part of the programme where students embark on an independent piece of research leading to the production of a 15 000 to 20 000-word quality dissertation. The topic of the research will have to be approved by the Departmental Board and each candidate will be assigned an academic supervisor appointed by the same. This dissertation is expected to provide the students with the development of substantial individualised field of study research or an analysis of a more general issue or question arising out of coursework or professional product, either of which must integrate and extend skills and competencies developed in previous coursework on the programme. Each candidate shall lodge with the Department of Insurance and Actuarial Science two hard copies and a soft copy of the dissertation.