Learning Outcomes

Finnish insurance system combines pragmatism with various social innovations. This program offers a unique set of skills and capabilities which enables participants to build viable risk management systems in their host countries. Best practices from both developed and developing markets are integrated to build structures and core competencies in risk management and insurance.


Contents of The Programme

The Master’s Degree programme in Risk Management and Insurance (120 ECTS) includes 10 study modules:

  1. RISK MANAGEMENT, INSURANCE AND DEVELOPMENT (10 ETCS)
  2. NON-LIFE AND MICROINSURANCE (10 ETCS)
  3. LIFE INSURANCE AND PENSIONS (10 ETCS)
  4. SOCIAL AND STATUTORY INSURANCE (10 ETCS)
  5. PRICING INSURANCE PRODUCTS (10 ETCS)
  6. MANAGING AN INSURANCE ENTERPRISE (10 ETCS)
  7. INTERNATIONAL FINANCE, INVESTMENTS AND PORTFOLIO THEORY (10 ETCS)
  8. ENGLISH FOR THE INSURANCE INDUSTRY AND ACADEMIC WRITING IN ENGLISH, (5 ETCS)
  9. QUANTITATIVE AND QUALITATIVE RESEARCH METHODS (5 ETCS)
  10. SEMINAR FOR MASTER’S THESIS (PRACTICALLY ORIENTED THESIS TOPICS), MASTER’S THESIS AND MATURITY TEST (40 ECTS)


The rapid economic growth in emerging markets has created an increased demand for insurance products and risk management methods. A central question in emerging markets is how to find skilled and qualified personnel for insurance companies and public institutions that are able to identify, assess and control risks. There is also a need for government officials to understand risk management and insurance in order to facilitate further development within a given country.

In study module 1 students are introduced to to risk theory and the current state of art in risk management. The students learn how risks are assessed, about decision making under uncertainty and various ways of mitigating the risks

In study module 2 students learn how different insurance lines are operated and how insurance companies are managed. The course also covers pricing of insurance products and the optimal purchase of insurance by clients.

In study module 3 students learn basic knowledge and understanding of the ways how risks against long life, the death of the breadwinner, disability, etc. are tackled in developed societies as well as tools to analyze and suggest solutions.

In study module 4 risk management solutions based on family, state and market will be analyzed. The main focus is on solutions based on markets, and especially, on the state, since all developed societies have state-based safeguards against these risks.

In study module 5 the students will prepare to design insurance products and to price them according to actuarial principles. The students will learn how to estimate reserve requirements and how to account for the funds generated from premium payments.

In study module 6 students will be exposed to the challenges faced when running an insurance company. Each part of the value chains is examined. Special emphasis will be on underwriting and distribution.

In study module 7 major investment instruments and their special characteristics will be presented. The course will also review the portfolio theory and its implications for the investment decision.

In study module 8 the students are introduced to the special terminology of English language developed for insurance and risk management. This enables the students to understand this special language and its different aspects.

In study module 9 students will learn the characteristics of quantitative and qualitative research methodology, the data collection and analysis methods and practical knowledge on how to use these methods in quantitative and qualitative research.

In study module 10 students prepare to write their Master’s Thesis. They will receive guidance and evaluation of master’s thesis works from their supervisors as well as evaluation of written maturity tests.

Availability of The Programme

Available upon request for commissioned groups either on site in the destination country or in Finland.


Structure and Length of The Programme

Programme includes 10 separate study modules and a Master’s Thesis. Teaching language of the programme is English. The duration of the programme is ca. 20 months.

Target Group

The program is designed for students who wish to gain knowledge of risk management and insurance in the emerging market context. The program is specially designed for leaders and managers, cadres, and civil servants, and governmental policy makers who are working in state and local agencies and private enterprises in the fields of risk management, and insurance.