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Postgraduate DiplomaInsurance, Risk & Actuarial Data Applications open

Diploma in Catastrophe Bond Structuring

Online postgraduate diploma of 800 hours in catastrophe bond structuring. 8 modules covering catastrophe bonds and ILS, the legal and regulatory framework, triggers and risk modelling, transaction structure and parties, pricing and investor analysis, accounting and solvency treatment, issuance and secondary market, and an integrative case study, with an assigned technical tutor.

Duration6–8 months
ModeOnline
LanguageEnglish
Start datesSet by the faculty
AwardSEIUM Institute diploma
Enrol now View syllabus Ask an advisor

Diploma in Catastrophe Bond Structuring — studying from Australia

Australia has a mature insurance and superannuation sector, with major insurers, reinsurers and financial institutions relying heavily on actuarial analysis and risk modelling. Engineers and data specialists contribute to catastrophe modelling, telematics-based pricing and claims analytics, particularly given the country's exposure to bushfire, flood and cyclone risk. The regulatory environment is shaped by prudential oversight and consumer protection frameworks. Employers include general and life insurers, consultancies, reinsurance firms and government risk agencies.

Fees for Australia: A$1,420 (AUD), with instalments and employer sponsorship available.

Relevant bodies in Australia

  • Australian Prudential Regulation Authority (APRA)
  • Australian Securities and Investments Commission (ASIC)
  • Institute of Actuaries of Australia (IAA)
  • Insurance Council of Australia (ICA)

Typical roles

  • Actuarial Analyst
  • Risk Data Scientist
  • Catastrophe Modeller
  • Insurance Analytics Engineer

Questions from Australia

Does this programme lead to recognition by the Actuaries Institute or another Australian professional body?

SEIUM qualifications are private and are not accredited by the Actuaries Institute, Engineers Australia or any national body. The Actuaries Institute sets its own examination and membership requirements, which a private qualification does not replace. Recognition for any role is decided by the employer or the relevant body, so confirm their requirements before enrolling.

Which Australian insurers and risk employers might consider this training?

Insurers, reinsurers, banks, consultancies and risk management teams in Australia employ people with data and risk skills. Whether they consider a private engineering qualification relevant depends on the role and their own hiring policy. Your demonstrated skills, portfolio and final project are often what matter most to them.

Is the course manageable while working, and can my employer fund it?

Yes, the programmes are delivered entirely online in English, with an assigned technical tutor, so you can fit study around work from Australia. Fees can be paid in instalments, and employer sponsorship is possible. Check the total hours for your chosen programme and agree a realistic weekly schedule before you start.

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Learning outcomes

What you will be able to do

01

Understand the ILS market and cat bonds.

02

Apply the legal and regulatory framework for SPVs.

03

Choose triggers and model expected losses.

04

Structure a cat bond transaction.

05

Price cat bonds and compare with reinsurance.

06

Assess accounting and capital treatment.

07

Manage issuance and ongoing monitoring.

Profile

Who it's for

  • Reinsurance and ILS professionals.
  • Catastrophe modellers.
  • Capital management analysts in insurers.
  • Investment professionals in ILS funds.
  • Brokers and structurers.
  • Public sector disaster risk finance specialists.
  • Finance, mathematics, engineering or science graduates seeking to enter ILS.
Standards & tools

What you'll work with

  • Solvency II (Directive 2009/138/EC) (EU prudential regime for insurers)
  • IFRS 17 (accounting standard for insurance contracts)
  • Delegated Regulation (EU) 2015/35 (Solvency II implementing rules)
  • EIOPA Guidelines (European supervisory guidance)
  • ISO 31000 (risk management)
  • Law 20/2015 (LOSSEAR) (Spanish insurance supervision law)
  • Regulation (EU) 2016/679 (GDPR) (data protection)
  • DORA (Regulation (EU) 2022/2554) (digital operational resilience)
  • AI Act (Regulation (EU) 2024/1689) (artificial intelligence)
  • R
  • Python (pandas, scikit-learn)
  • SAS
  • Prophet
  • ResQ
Syllabus

8 modules

  1. 1.1Insurance-linked securities market
  2. 1.2Cat bonds versus traditional reinsurance
  3. 1.3Sponsors: insurers, reinsurers, governments and corporates
  4. 1.4Investors: ILS funds, pension funds and asset managers
  5. 1.5Perils covered
  6. 1.6Market size and history
  7. 1.7Advantages and limitations
  8. 1.8Collateral and credit risk
  9. 1.9Market cycle
  10. 1.10Guided exercise: cat bond term sheet review
  1. 2.1Special purpose insurance vehicles under Solvency II
  2. 2.2Delegated Regulation (EU) 2015/35 on SPVs
  3. 2.3UK ISPV regime
  4. 2.4Bermuda and Cayman structures
  5. 2.5Securities law and Rule 144A
  6. 2.6Risk transfer requirements
  7. 2.7Prospectus and disclosure
  8. 2.8Tax considerations
  9. 2.9Regulatory capital relief
  10. 2.10Exercise: domicile comparison
  1. 3.1Indemnity triggers
  2. 3.2Industry loss triggers
  3. 3.3Parametric triggers
  4. 3.4Modelled loss triggers
  5. 3.5Basis risk
  6. 3.6Catastrophe models in cat bonds
  7. 3.7Attachment and exhaustion probability
  8. 3.8Expected loss
  9. 3.9Model agent role
  10. 3.10Laboratory: expected loss from an EP curve in Python
  1. 4.1Sponsor and cedant
  2. 4.2SPV and reinsurance agreement
  3. 4.3Collateral trust
  4. 4.4Calculation and model agents
  5. 4.5Arrangers and structurers
  6. 4.6Rating agencies
  7. 4.7Investor documentation
  8. 4.8Term and maturity
  9. 4.9Extension and reset provisions
  10. 4.10Exercise: transaction flow diagram
  1. 5.1Spread components
  2. 5.2Multiple of expected loss
  3. 5.3Market pricing benchmarks
  4. 5.4Investor portfolio diversification
  5. 5.5Correlation with financial markets
  6. 5.6Seasonality
  7. 5.7Pricing a layer
  8. 5.8Comparing cost with reinsurance
  9. 5.9Sensitivity analysis
  10. 5.10Exercise: pricing a cat bond tranche
  1. 6.1Sponsor accounting under IFRS 17
  2. 6.2SPV accounting
  3. 6.3Investor accounting under IFRS 9
  4. 6.4Solvency II counterparty risk
  5. 6.5Capital relief in the SCR
  6. 6.6Basis risk in capital
  7. 6.7Rating agency capital models
  8. 6.8Disclosures
  9. 6.9Audit
  10. 6.10Exercise: capital relief calculation
  1. 7.1Issuance timeline
  2. 7.2Marketing and roadshow
  3. 7.3Pricing book-building
  4. 7.4Ongoing reporting
  5. 7.5Event notification and loss calculation
  6. 7.6Secondary market trading
  7. 7.7Defaults and lessons learned
  8. 7.8ESG considerations
  9. 7.9Market trends
  10. 7.10Exercise: event loss calculation
  1. 8.1Case definition and sponsor
  2. 8.2Regulatory and domicile choice
  3. 8.3Trigger selection
  4. 8.4Risk modelling
  5. 8.5Transaction structure
  6. 8.6Pricing
  7. 8.7Capital and accounting
  8. 8.8Issuance plan
  9. 8.9Final report and presentation
  10. 8.10Final project: tutor review of the cat bond structure
Methodology, software & labs

How you'll learn

A 100% online programme on the SEIUM campus, with downloadable materials, recorded classes and an assigned technical tutor. There are no fixed timetables: you progress at your own pace within each intake, so the programme fits around your job.

Each module combines theory, guided reading of the original standard and applied exercises. The working software is R, Python (pandas, scikit-learn), SAS, Prophet and ResQ, in free, academic or evaluation versions. Case studies are built on real workflows from an actuarial modelling environment, a claims data platform and a catastrophe scenario simulator. Assessment is continuous by module, plus the final integrated project.

Standards covered: Solvency II (Directive 2009/138/EC), IFRS 17, Delegated Regulation (EU) 2015/35, EIOPA Guidelines, ISO 31000, Law 20/2015 (LOSSEAR), Regulation (EU) 2016/679 (GDPR), DORA (Regulation (EU) 2022/2554), AI Act (Regulation (EU) 2024/1689).

Assigned technical tutor:every module ends with a deliverable that your tutor marks individually.
Standards-based learning:guided reading of Solvency II, IFRS 17 and Delegated Regulation (EU) 2015/35 applied to real cases, not as a theoretical annex.
Industry software:R, Python (pandas, scikit-learn), SAS, Prophet and ResQ, in free, academic or evaluation versions.
Final project:An integrated case study on catastrophe bond structuring, reviewed by your tutor.
Flexible format:100% online, no fixed timetables, compatible with full-time work.
Capstone project

Build it end to end

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

Term sheet review
Analyse a cat bond term sheet.
Expected loss
Calculate attachment and expected loss in Python.
Structure
Design the transaction structure.
Pricing and capital
Price a tranche and calculate capital relief.
Final project
Structure a complete catastrophe bond, reviewed by your tutor.
Career opportunities

Where this takes you

Non-life actuaryRisk analystTechnical underwriterClaims adjusterPricing managerTechnical reserves manager
Admissions & scholarships

Requirements

  • Prior technical training or professional experience in the sector. No university degree is required.
  • Internet connection and a computer capable of running the programme software.
  • English sufficient to read technical standards.

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 800 hours over 6–8 months. You set your own pace within each intake, and your tutor helps you plan the workload around your job.

You work with R, Python (pandas, scikit-learn), SAS, Prophet and ResQ, using free, academic or evaluation versions. Your tutor indicates the free alternative wherever one exists.

A SEIUM Institute diploma, awarded on passing the continuous assessment and the final project. It is SEIUM's own qualification, not an official state degree; its recognition depends on the programme completed and the regulations of each country.

Yes. Modules passed are recognised in a higher programme in the same area (postgraduate diploma or master's). Ask about the recognition policy when you enrol.

Prior technical training or professional experience in the sector (no university degree required), a computer able to run the software and English sufficient to read technical standards.

Start dates are set by SEIUM's faculty for each intake. Our admissions team will confirm the next available date when you apply.

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