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CourseInsurance, Risk & Actuarial Data Applications open

Course in Catastrophe-Linked Capital Markets

Online 300-hour course in catastrophe-linked capital markets. 6 modules covering Directive 2009/138/EC (Solvency II), Article 211 special purpose vehicles, Implementing Regulation (EU) 2015/462 and Moody’s RMS Risk Modeler. Assigned tutor and open enrolment.

Duration300 h
ModeOnline
LanguageEnglish
Start datesSet by the faculty
AwardSEIUM Institute diploma
Enrol now View syllabus Ask an advisor
Virtual lab · try it before you enrol

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Run a real engineering trade-off from this programme. Move the sliders, watch the model react in real time and beat the challenge.

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Learning outcomes

What you will be able to do

01

Explain the transfer of catastrophe risk to the capital markets.

02

Describe the structure of a catastrophe bond and its components.

03

Compare indemnity, parametric and index triggers.

04

Interpret catastrophe models and exceedance probability curves.

05

Value a tranche and its spread against expected loss.

06

Analyse the regulatory and accounting treatment of the instruments.

07

Structure a risk transfer transaction.

Profile

Who it's for

  • Insurance-linked securities (ILS) analyst who wants to specialise in catastrophe-linked capital markets.
  • Catastrophe bond fund manager who wants to specialise in catastrophe-linked capital markets.
  • Catastrophe modeller who wants to specialise in catastrophe-linked capital markets.
  • Risk transfer structurer who wants to specialise in catastrophe-linked capital markets.
  • Reinsurance capital manager who wants to specialise in catastrophe-linked capital markets.
  • Market risk analyst who wants to specialise in catastrophe-linked capital markets.
  • Engineering or science graduates looking to enter alternative capital.
Standards & tools

What you'll work with

  • Directive 2009/138/EC (Solvency II), Article 211 special purpose vehicles
  • Implementing Regulation (EU) 2015/462
  • Delegated Regulation (EU) 2015/35
  • Bermuda Insurance Act 1978
  • Rule 144A (US Securities Act)
  • IFRS 17
  • IFRS 9
Syllabus

6 modules · 300 h

  1. 1.1Why turn to the capital markets
  2. 1.2Additional capacity compared with reinsurance
  3. 1.3Available instruments and their evolution
  4. 1.4Investors and their motivations
  5. 1.5Correlation with financial markets
  6. 1.6Role of catastrophe models
  7. 1.7Industry vocabulary and acronyms
  8. 1.8Market size and maturity
  9. 1.9Advantages and disadvantages compared with reinsurance
  10. 1.10Exercise: comparing reinsurance and the capital markets
  1. 2.1Typical structure of the issue
  2. 2.2Special purpose vehicle
  3. 2.3Collateral and its management
  4. 2.4Triggers: indemnity, parametric and index
  5. 2.5Basis risk by trigger type
  6. 2.6Risk period and extension
  7. 2.7Rating of the issue
  8. 2.8Documentation and transaction costs
  9. 2.9Secondary market and liquidity
  10. 2.10Practice: designing the structure of an issue
  1. 3.1Collateralised reinsurance
  2. 3.2Industry loss instruments
  3. 3.3Portfolio quota shares
  4. 3.4Sidecars
  5. 3.5Weather derivatives
  6. 3.6Longevity and mortality bonds
  7. 3.7Reinsurance vehicles with investors
  8. 3.8Comparison of cost and flexibility
  9. 3.9Criteria for selecting the instrument
  10. 3.10Practice: choosing the instrument for a case
  1. 4.1Catastrophe models and their role
  2. 4.2Probability of trigger and of loss
  3. 4.3Expected loss and its estimation
  4. 4.4Risk premium required by investors
  5. 4.5Sensitivity to model assumptions
  6. 4.6Independent model review
  7. 4.7Uncertainty and its communication
  8. 4.8Effect of climate change on valuation
  9. 4.9Comparison with the price of reinsurance
  10. 4.10Practice: simplified valuation of an issue
  1. 5.1Effective risk transfer and its testing
  2. 5.2Treatment in solvency capital
  3. 5.3Accounting treatment of the transaction
  4. 5.4Applicable securities regulation
  5. 5.5Jurisdiction of the vehicle and its supervision
  6. 5.6Anti-money laundering and due diligence
  7. 5.7Investor relations and reporting
  8. 5.8Event and payment management
  9. 5.9Renewal and programme continuity
  10. 5.10Practice: transfer and capital analysis
  1. 6.1Choice of portfolio and risk
  2. 6.2Analysis of exposure and model
  3. 6.3Choice of instrument
  4. 6.4Design of structure and trigger
  5. 6.5Valuation and comparison with reinsurance
  6. 6.6Regulatory and accounting analysis
  7. 6.7Transaction execution plan
  8. 6.8Monitoring indicators
  9. 6.9Project report
  10. 6.10Defence of the work
Methodology, software & labs

How you'll learn

100% online training on the SEIUM Institute campus, with downloadable material, recorded classes and an assigned technical tutor. No fixed timetables: students progress at their own pace within the intake, which makes it possible to combine study with work.

Each module combines theory, guided reading of the original standard and applied exercises. The working software is Moody’s RMS Risk Modeler, Verisk Touchstone, Bloomberg Terminal, R, in free, academic or evaluation versions. Case studies are based on real procedures for analysing catastrophe bond prospectuses, valuing tranches with exceedance probability curves and comparing triggers. Assessment is continuous per module plus the final integrative project.

Accreditation-ready laboratories(EN ISO/IEC 17025) with a rotor test rig, EMC/Lightning pre-compliance, HIL/SIL, vibration/acoustics.
Evidence-driven Master's Thesis:safety case, test plan, compliance dossier and operating limits.
Industry-mentored:lecturers with experience in training, , eVTOL/UAM and flight test.
Flexible mode(hybrid/online), international cohorts and support from SEIUM Career Services.
Ethics and safety:a safety-by-design approach, OT cyber, DIH and compliance as its pillars.
Capstone project

Build it end to end

Your final project follows the real engineering workflow, step by step, reviewed by your tutor.

Choice of portfolio and risk

Explain the transfer of catastrophe risk to the capital markets.

Analysis of exposure and model

Describe the structure of a catastrophe bond and its components.

Choice of instrument

Compare indemnity, parametric and index triggers.

Design of structure and trigger

Interpret catastrophe models and exceedance probability curves.

Valuation and comparison with reinsurance

Value a tranche and its spread against expected loss.

Career opportunities

Where this takes you

Insurance-linked securities (ILS) analystCatastrophe bond fund managerCatastrophe modellerRisk transfer structurerReinsurance capital managerMarket risk analyst
Admissions & scholarships

Requirements

  • No prior degree required.
  • Internet connection and a computer capable of running the programme's software.
  • Sufficient Spanish to read technical regulatory texts.

Ready to start?

Send your application today. Our admissions team replies within 72 hours with your study plan and funding options.

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FAQ

Frequently asked questions

The programme totals 300 hours, spread over 3 to 5 months. That is between 10 and 15 hours per week on average, compatible with a full-time job.

Work is carried out with Moody’s RMS Risk Modeler, Verisk Touchstone, Bloomberg Terminal, R. Free, academic or evaluation versions are used, and the tutor indicates the free alternative where one exists.

A SEIUM Institute own diploma upon passing continuous assessment and the integrative project. It is in-house training, not an official qualification from the Ministry.

Yes. Modules passed in a course or postgraduate diploma in the same area are recognised towards the advanced programme. Check the recognition policy when you enrol.

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