Insurance Studies

The Master's program in Insurance Studies provides students with comprehensive knowledge in insurance, from fundamental principles to practical applications in the industry.

Students will learn about financial tools, risk management methods, and legal regulations, enabling them to engage in insurance activities, from product design to the operation and management of insurance organizations.

Program Introduction

Insurance Studies is an economic discipline that primarily focuses on the relationships between insurance products, non-commercial insurance relationships, and associated legal and mathematical issues. The field is interdisciplinary, encompassing areas such as finance, law, medicine, mathematics, natural sciences, and statistics. 

In recent years, as theoretical research and practical operations have developed, the scope of insurance studies has continuously expanded, with related disciplines increasingly intersecting with insurance, forming many cutting-edge research areas. The discipline's structure is evolving from a traditional focus on types of insurance to a greater emphasis on risk management.

Insurance is the fundamental method of risk management under market economy conditions, with broad applications in the economic society. Insurance plays a vital role in economic compensation, capital circulation, and social management, effectively managing societal risks, resolving conflicts, and coordinating societal interests. It is an indispensable "accelerator," "stabilizer," and "manager" in maintaining steady economic growth, addressing uncertainty risks, and meeting the diverse needs of the population.

Training Objectives

This program aims to train highly skilled, application-oriented, and interdisciplinary professionals with a solid foundation in economics, equipped with the ability to engage in risk assessment and management, insurance product design, actuarial science, insurance financial management, and operational management. Specific requirements include:

1. A good grasp of the socialist theory with Chinese characteristics, supporting the basic policies of the Party, loving the country, following the law, having high moral character, and displaying good professional ethics and dedication.
2. A strong understanding of the fundamental theories and specialized knowledge in insurance, with a broad knowledge base in related disciplines, and familiarity with relevant national policies and regulations.
3. The ability to solve practical problems using modern scientific techniques and theoretical knowledge, with strong organizational, decision-making, and management skills. Graduates will be capable of independently performing insurance-related tasks and meeting industry requirements.
4. Proficiency in at least one foreign language, enabling students to read professional materials in foreign languages.
5. Good physical and mental health, capable of performing the duties required by the insurance industry.

Who is Suited for This Program?

The Insurance Studies program is ideal for individuals with a passion for finance, a love for problem-solving, particularly in risk management. Those with strong logical thinking, the ability to work with data, and excellent communication skills will find this field well-suited for them. Additionally, the program requires attention to detail, teamwork, and a strategic vision for financial issues in the context of globalization.

This program is also highly suitable for those seeking a stable and long-term career, as insurance plays a crucial role in the modern economy, and the industry continues to experience growing demand for talent.

Learning Mode and Duration

The program lasts for 2.5 years, with a total of 5 semesters. During the first 4 semesters, students will take mandatory courses, electives, and practical training. The preparation for the thesis will begin in the 4th semester, and the thesis writing will be completed in the 5th semester.

Course Setup

Professional Practice

The program strengthens the cultivation of professional ethics and abilities. Professional ethics include insurance ethics and industry standards, while professional abilities involve the knowledge, methods, and technical skills required for the insurance profession. Students are expected to:

1. Apply professional thinking, basic principles, and relevant policies and regulations to identify, analyze, and solve problems related to social phenomena (including case studies).
2. Independently engage in decision-making, organizational management, and business implementation in insurance practices.
3. Master the application of insurance and other risk management methods to effectively manage various risks.

During their studies, students must complete at least six months of professional practice. The practice may involve internships at insurance companies, regulatory bodies, disaster prevention and control agencies, and other related institutions. 

Professional practice typically occurs during the 2nd and 3rd semesters, with a practice plan developed and submitted under the guidance of the faculty advisor.

Training Mode

The program combines course learning, practical training, and thesis work. It follows a credit system, offering a multidisciplinary and broad-based curriculum. Case-based teaching is encouraged, emphasizing the connection between theory and practice. 

Experts, entrepreneurs, and government officials with practical experience are invited to give lectures or teach courses. Students are encouraged to intern with enterprises, with practical teaching taking up no less than half a year during their studies.

Thesis topics should be based on the principle of connecting theory with practice, focusing on practical issues, industry applications, and real-world value. The dual-supervisor system is implemented to integrate academic and practical expertise, with faculty members and professionals from enterprises and government departments participating in thesis guidance.

Research Directions

The program has four main research directions:

• International Finance
• Monetary Finance
• Actuarial Science and Insurance
• Corporate Finance

Degree Awarded

Upon completing the required credits and successfully defending their thesis, students who meet the conditions for awarding a master's degree will be granted a Master's in Insurance Studies.

Career Development

Graduates of this program can develop their careers in the following areas:

Insurance Companies

• Actuary (requires SOA/CAS certification)
• Underwriting/Claims Manager (risk assessment and claims management)
• Product Development Manager (designing insurance products)
• Asset Management (investment of insurance funds)
  Represented companies:
• International: AIG, Allianz, Swiss Re
• Domestic: China Life Insurance, Ping An Insurance, Pacific Insurance

Consulting and Financial Services

• Risk Management Consulting (e.g., insurance consulting departments at the Big Four accounting firms)
• Insurance Brokerage and Agency (e.g., Marsh, Aon)
• Bancassurance (e.g., China Merchants Bank, Citibank insurance business)

Regulation and Policy Research

• Regulatory Bodies: China Banking and Insurance Regulatory Commission (CBIRC), International Association of Insurance Supervisors (IAIS)
• Industry Think Tanks: China Insurance Society, Swiss Re Institute

Insurance Technology (InsurTech)

• Internet Insurance: ZhongAn Insurance, Waterdrop
• Data Analytics and AI Underwriting: Lemonade (U.S.-based AI insurance company), domestic InsurTech startups

Enterprise Risk Management (ERM)

• Risk management positions in listed companies and multinational enterprises
• Insurance consulting for high-risk industries like energy and aviation

Related Programs

• Master of Insurance
• Master of Actuarial Science
• Master of Finance (Insurance Focus)
• Master of Risk Management
• MBA (Insurance Management Focus)

Leading Universities in China for this Field

1. Renmin University of China
2. Central University of Finance and Economics
3. Nankai University
4. Shanghai University of Finance and Economics
5. University of International Business and Economics
6. Hunan University
7. Northeast University of Finance and Economics
8. Wuhan University
9. Zhongnan University of Economics and Law
10. Nanjing University

Evaluation of the Insurance Studies Program

The Insurance Studies program is a key discipline in economics, equipping students with foundational knowledge in finance, law, and risk management. With the rapid growth of the global economy and the diverse insurance needs of individuals and organizations, this program provides students with the necessary skills to understand the various aspects of insurance, such as risk assessment, product design, financial management, and related legal issues.

Insurance is not only confined to insurance companies but also extends to financial institutions, banks, consulting firms, and government regulatory bodies. Therefore, pursuing this program opens up numerous career opportunities, from underwriting managers and actuaries to positions in the emerging InsurTech industry.

The above provides an overview of the Master’s program in Insurance Studies. Visit the “Major Search” section to explore more details about study programs in China!

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