CONTEMPORARY ISSUES IN INSURANCE

SHE Level 5
SCQF Credit Points 15.00
ECTS Credit Points 7.50
Module Code MMN325918
Module Leader Jon McNeill
School Glasgow School for Business and Society
Subject Risk
Trimesters
  • A (September start)
  • B (January start)
  • C (May start)

Summary of Content

This module will provide students with a critical understanding of insurance theory and practice in the context of real world issues. Through consideration of contemporary examples, this module will underline how insurance is utilised to real world situations in response to contemporary risk issues. The module will subsequently be structured into four key sections: An introduction to the basic principles of risk financing; a detailed examination of insurance theory; critical analysis of insurance practice; an examination of contemporary risk issues and the global insurance marketplace.

Syllabus

-360-2582 1. Risk financing options and their role in risk management -360-2582 2. Theory and Principles of Insurance 3. Forms and types of insurance 4. The law and regulation of insurance 5. Reinsurance 6. The basics of pricing and underwriting insurance 7. General and life insurance 8. Strategic management and the marketing and distribution of insurance 9. Insurance and global risk issues The syllabus is placed in the context of current risk issues throughout delivery, for example those highlighted in the WEF's annual global risk report including cyber and technology risk, climate change, terrorism, political risk, and many others. -360-2582

Learning Outcomes

On successful completion of this module, the student should be able to:1. Critically discuss the nature of risk financing and its role in the wider system of risk management2. Demonstrate a systematic and analytical understanding of the theory and principles of insurance3. Evaluate key current issues facing the insurance industry and the debates regarding their resolution4. Demonstrate and understanding of global insurance market operations and critically evaluate the impact of current risk issues on both the market and its customers

Teaching / Learning Strategy

The programme is focused on the development of both theoretical and practical business skills, and aims to engage students in analysis, research and discussion of contemporary, real life issues. The teaching and learning strategy aims to embed these attributes. All of the modules will be delivered on a campus-based and distance learning mode. For campus-based students, face to face contact involves three hours of class contact per week: normally a 2 hour lecture and 1 hour seminar. Lectures will be used to highlight the key issues in a specific topic and point the way towards relevant journal articles and other appropriate literature. Students will be then expected to prepare for following week's lectures on each topic by engaging in literature searches, undertaking relevant reading and preparing responses to questions. The lectures will adopt a variety of teaching styles including seminar style contributions such as group discussion to enhance intellectual, critical and analytical skills. For more applied topics, students will be required to attempt relevant problem or scenario based questions prior to the lectures taking place, providing the basis for deepening professional skills, knowledge and understanding. Module classes are conducted in workshop format providing a mix of tutor led, student led and group learning. Distance learning students access the same resources as on-campus. All students are provided with lecture slides, lecture notes and additional reading all of which is available online. GCU Learn is used in this way as a repository, to provide students with essential learning material. It is also used as a platform for student discussion around the weekly seminar topics. Using Padlet, wikis and blogs both on-campus and distance students will have the opportunity to engage with each other and discuss the weekly lecture topics online. In additional Collaborate Ultra is utilised to provide students with synchronous learning opportunities and provide more directed support throughout the module. Students are provided with formative and summative feedback via a variety of mechanisms. Feedback on coursework is provided within 3 working weeks of submission.

Indicative Reading

Core Text: Thoyts, R. (2010) Insurance theory and practice. Abingdon, Oxon, Routledge. Supplementary Texts: Atkins, D. & Bates, I. (2008), Insurance. Global Professional. Rejda, G. E. (2017) Principles of risk management and insurance. 13th edition. Global edition. Harlow, England: Pearson Education Limited. Skipper, H. D. et al. (2007) Risk management and insurance: perspectives in a global economy. Malden, MA: Blackwell. Banks, E. (2004) Alternative risk transfer integrated risk management through insurance, reinsurance, and the capital markets. Journals Geneva Papers on Risk & Insurance Risk Management and Insurance Review Journal of Insurance Regulation Journal of the Chartered Insurance Institute. Journal of Banking & Finance The Journal of Financial Services Research The Journal of Financial Intermediation The Services Industry Journal Websites The Association of British Insurers - www.abi.org.uk <http://www.abi.org.uk> The Association of Risk Managers (AIRMIC) - <http://www.airmic.com/> Lloyd's of London: <http://www.LLoydsoflondon.co.uk> The Financial Services Authority: <http://www.fsa.gov.uk/> Swiss Re Sigma: <http://www.swissre.com> The Chartered Insurance Institute: <http://www.cii.co.uk/cii.aspx>

Transferrable Skills

-2582 After completion of the course students will have developed the following transferable skills: - analytical and numerical ability; - clear communication, in both written and oral form; - the ability to work independently; - IT skills; - research skills in order to complete coursework.

Module Structure

Activity Total Hours
Seminars (FT) 12.00
Assessment (FT) 30.00
Lectures (FT) 24.00
Independent Learning (FT) 84.00

Assessment Methods

Component Duration Weighting Threshold Description
Course Work 01 n/a 100.00 50% Individual Report - 3,000 words