Course in Extreme Risk Models in Reinsurance
Online 300-hour course in extreme risk models in reinsurance. 6 modules covering Directive 2009/138/EC (Solvency II, VaR at 99.5%), Delegated Regulation (EU) 2015/35 (catastrophe risk) and R (evd, extRemes). Assigned tutor and open enrolment.
Course in Extreme Risk Models in Reinsurance — studying from Ireland
Ireland is an established international hub for insurance, reinsurance and captive insurance, with Dublin hosting a large concentration of insurers, brokers and actuarial functions. The Central Bank of Ireland regulates insurance undertakings and the sector's solvency and conduct requirements. Engineers and analysts in this area work on risk modelling, catastrophe analysis, pricing and data-driven underwriting, often combining technical, statistical and regulatory expertise. Professional qualifications and standards are maintained by the Society of Actuaries in Ireland and related bodies.
Fees for Ireland: €644 (Euro), with instalments and employer sponsorship available.
Relevant bodies in Ireland
Typical roles
Questions from Ireland
Which professional bodies in Ireland relate to this area, and is this qualification recognised by them?
In Ireland, actuarial work is associated with the Society of Actuaries in Ireland, and risk and data professionals may also look to bodies such as the Institute of Banking. SEIUM's qualifications are private and not accredited by any national body, so they do not confer membership or exemptions from these bodies. Confirm any exemption policies directly with the relevant institute before enrolling.
How is training like this typically viewed by employers in Ireland's insurance and risk sector?
Insurers and financial firms in Ireland generally value recognised professional qualifications most highly. A private online qualification is judged on its content and on your demonstrated skills, including your final project. Employers decide whether it is relevant to a given role, so it is best used to support existing experience rather than as a standalone credential.
What is the practical workload and language requirement for studying this online?
Programmes are taught entirely in English and delivered 100% online, so you can study from anywhere in Ireland or abroad. Workload depends on the programme length: specialist courses are 300 hours, postgraduate diplomas 800 hours and master's programmes 1,900 hours. Each student has an assigned technical tutor, and fees can be paid in instalments.
Take the controls.
Run a real engineering trade-off from this field. Move the sliders, watch the model react in real time and beat the challenge.
What you will be able to do
Explain the statistical problem of extreme events.
Apply extreme value theory with GEV and GPD distributions.
Interpret the results of commercial catastrophe models.
Model dependence and aggregation with copulas.
Calculate risk measures such as VaR and TVaR in the tail.
Validate and govern extreme risk models.
Develop an extreme risk modelling project for a reinsurance programme.
Who it's for
- Reinsurance actuary wishing to specialise in Extreme Risk Models in Reinsurance.
- Catastrophe modeller wishing to specialise in Extreme Risk Models in Reinsurance.
- Quantitative risk analyst wishing to specialise in Extreme Risk Models in Reinsurance.
- Internal model validator wishing to specialise in Extreme Risk Models in Reinsurance.
- Economic capital analyst wishing to specialise in Extreme Risk Models in Reinsurance.
- Actuarial consultant wishing to specialise in Extreme Risk Models in Reinsurance.
- Graduates in engineering or sciences seeking to enter reinsurance.
What you'll work with
- Directive 2009/138/EC (Solvency II, VaR at 99.5%)
- Delegated Regulation (EU) 2015/35 (catastrophe risk)
- EIOPA guidelines on internal models
- ASOP No. 39 (catastrophe losses in pricing)
- ASOP No. 38 (use of external models)
- ASOP No. 56 (modelling)
6 modules · 300 h
1.1Why the tail matters in reinsurance1.2Scarcity of data in the extreme zone1.3Heavy-tailed distributions1.4Biases of classical methods1.5Probable maximum loss and its interpretation1.6Return period and its correct use1.7Industry vocabulary and acronyms1.8Parameter and model uncertainty1.9Communicating extreme risk1.10Exercise: critiquing a tail estimate
2.1Block maxima and their distribution2.2Peaks over threshold2.3Choice of threshold and its effect2.4Parameter estimation2.5Graphical diagnostics of the fit2.6Confidence intervals2.7Extrapolation beyond the data2.8Limitations of the approach2.9Application to reinsurance claims2.10Practice: fitting a tail to real data
3.1Model structure: hazard, exposure and vulnerability3.2Loss exceedance curves3.3Primary and secondary uncertainty3.4Differences between model vendors3.5User adjustments and their justification3.6Quality of exposure data3.7Unmodelled risks3.8Climate change in models3.9Validation against real events3.10Practice: critical reading of a model output
4.1Tail correlation4.2Copulas and their choice4.3Dependence between lines and regions4.4Aggregation of losses from several sources4.5Simulation of the aggregate distribution4.6Effect of dependence on capital4.7Joint scenarios4.8Hidden accumulation risk4.9Sensitivity tests4.10Practice: aggregating two portfolios
5.1Setting priorities and limits5.2Pricing high layers5.3Retrocession decisions5.4Calculating capital for extreme risk5.5Reverse stress scenarios and their use5.6Independent model validation5.7Documentation and declared assumptions5.8Communication to management5.9Periodic review5.10Practice: extreme risk report
6.1Choice of portfolio and peril6.2Exploratory data analysis6.3Fitting a tail model6.4Using a catastrophe model6.5Aggregation and dependence6.6Application to a reinsurance decision6.7Validation and assumptions6.8Communicating uncertainty6.9Methodology report6.10Project defence
How you'll learn
Fully 100% online training on the SEIUM campus, with downloadable material, recorded classes and an assigned technical tutor. There are no fixed timetables: students progress at their own pace within the intake, making it possible to combine with work.
Each module combines theory, guided reading of the original standard and applied exercises. The working software is R (evd, extRemes), Python (SciPy), Moody’s RMS, Verisk Touchstone, Oasis LMF, in free, academic or evaluation versions. Practical work is based on real procedures for fitting heavy-tailed distributions, copula modelling and validation of catastrophe models. Assessment is continuous by module plus the final integrative project.
Build it end to end
Your final project follows the real engineering workflow, step by step, reviewed by your tutor.
Explain the statistical problem of extreme events.
Apply extreme value theory with GEV and GPD distributions.
Interpret the results of commercial catastrophe models.
Model dependence and aggregation with copulas.
Calculate risk measures such as VaR and TVaR in the tail.
Where this takes you
Requirements
- No prior degree is required.
- Internet connection and a computer capable of running the programme’s software.
- Sufficient Spanish to follow technical regulatory reading.
Ready to start?
Send your application today. Our admissions team replies within 72 hours with your study plan and funding options.
Frequently asked questions
The programme comprises 300 hours in total, spread over 3 to 5 months. That is between 10 and 15 hours per week on average, compatible with a full-time job.
The work is carried out with R (evd, extRemes), Python (SciPy), Moody’s RMS, Verisk Touchstone, Oasis LMF. Free, academic or evaluation versions are used, and the tutor indicates the open-source alternative where one exists.
A SEIUM Institute own diploma upon passing the 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 credited towards the advanced programme. Check the credit transfer policy when you enrol.
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