Course in Risk Correlation in Global Reinsurance
Online 300-hour course in risk correlation in global reinsurance. 6 modules covering Delegated Regulation (EU) 2015/35 (correlation matrices of the standard formula), Directive 2009/138/EC (Solvency II) and R (copulas). Assigned tutor and open enrolment.
Course in Risk Correlation in Global 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 concept of correlation and dependence in global portfolios.
Identify sources of geographic, economic and line-of-business dependence.
Measure dependence using coefficients, copulas and scenarios.
Manage exposure accumulations in a reinsured portfolio.
Assess the effect of diversification on required capital.
Incorporate correlation results into governance and decision-making.
Develop an integrated project on dependency modelling.
Who it's for
- Catastrophe modeller who wants to specialise in Risk Correlation in Global Reinsurance.
- Reinsurance risk actuary who wants to specialise in Risk Correlation in Global Reinsurance.
- Quantitative risk analyst who wants to specialise in Risk Correlation in Global Reinsurance.
- Accumulation manager who wants to specialise in Risk Correlation in Global Reinsurance.
- Head of a risk management function who wants to specialise in Risk Correlation in Global Reinsurance.
- International reinsurance underwriter who wants to specialise in Risk Correlation in Global Reinsurance.
- Engineering or science graduates looking to enter reinsurance.
What you'll work with
- Delegated Regulation (EU) 2015/35 (correlation matrices of the standard formula)
- Directive 2009/138/EC (Solvency II)
- ISO 31000 (risk management)
- IEC 31010 (risk assessment techniques)
- IAIS Insurance Core Principles
- IFRS 17 (insurance contracts)
6 modules · 300 h
1.1Why correlation matters in reinsurance1.2Geographic diversification and its limits1.3Systemic risks and their reach1.4Apparent and spurious correlation1.5Dependence under extreme conditions1.6Sources of correlation in a global portfolio1.7Vocabulary and acronyms in the field1.8Common errors of interpretation1.9Available data and its limitations1.10Exercise: identifying sources of dependence
2.1Far-reaching natural events2.2Economic and financial cycles2.3Inflation and its effect across several lines2.4Cyber events and their propagation2.5Pandemics and their cross-cutting reach2.6Interconnected supply chains2.7Counterparty concentration2.8Exposure to a single reinsurer2.9Hidden contractual dependencies2.10Practice: mapping the dependencies of a portfolio
3.1Correlation coefficients and their limits3.2Tail dependence3.3Copulas and their calibration3.4Common factor models3.5Simulation of joint scenarios3.6Aggregation of heterogeneous portfolios3.7Estimation uncertainty3.8Validation with historical events3.9Sensitivity of results3.10Practice: aggregation with dependence
4.1Global accumulation control systems4.2Quality of exposure data4.3Limits by zone, line and event4.4Cross-cutting stress scenarios4.5Reverse scenarios4.6Unmodelled risks and their treatment4.7Periodic review of limits4.8Internal accumulation reporting4.9Coordination between units4.10Practice: designing a limit system
5.1Effect on capital and solvency5.2Underwriting and retrocession decisions5.3Diversification as a strategy and its costs5.4Risk appetite and how it is formulated5.5Communication to management and the board5.6Reporting to the supervisor5.7Rating agencies and their view of risk5.8Lessons from recent events5.9Continuous improvement of the framework5.10Practice: accumulation report to the board
6.1Choosing the global portfolio6.2Dependency map6.3Modelling the aggregation6.4Cross-cutting stress scenarios6.5Proposed limit system6.6Mitigation decisions6.7Reporting and governance6.8Monitoring indicators6.9Analysis report6.10Defence of the project
How you'll learn
100 % online training on the SEIUM 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 R (copulas), Python (NumPy, SciPy), Moody’s RMS RiskLink, Verisk Touchstone, ReMetrica (Aon), in free, academic or evaluation versions. Assignments are based on real procedures for modelling dependence with copulas, catastrophe accumulation analysis and stress tests with correlated events. Assessment is continuous by module, plus the final integrated project.
Build it end to end
Your final project follows the real engineering workflow, step by step, reviewed by your tutor.
Explain the concept of correlation and dependence in global portfolios.
Identify sources of geographic, economic and line-of-business dependence.
Measure dependence using coefficients, copulas and scenarios.
Manage exposure accumulations in a reinsured portfolio.
Assess the effect of diversification on required capital.
Where this takes you
Requirements
- No prior degree is required.
- Internet connection and a computer capable of running the programme's software.
- Sufficient command of Spanish to follow technical regulatory texts.
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 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.
You work with R (copulas), Python (NumPy, SciPy), Moody’s RMS RiskLink, Verisk Touchstone, ReMetrica (Aon). Free, academic or evaluation versions are used, and the tutor indicates the free alternative where one exists.
An SEIUM own diploma upon passing the continuous assessment and the integrated 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.
Related programmes
Course in Impact of Climate Change on Transport Insurance
Online course of 300 h on the impact of climate change on transport insurance. 6 modules covering Delegated Regulation (EU) 2021/1256 (sustainability risks in Solvency II),…
Course in Crypto-Assets and Transport Insurance
Online course of 300 h in crypto-assets and transport insurance. 6 modules covering Regulation (EU) 2023/1114 (markets in crypto-assets, MiCA), Regulation (EU) 2023/1113 (information accompanying transfers…
Course in Innovative Business Models in Insurtech
Online 300-hour course in innovative business models in insurtech. 6 modules covering Directive (EU) 2016/97 (insurance distribution, IDD), Law 7/2020 (digital transformation of the financial system,…
More in Insurance, Risk & Actuarial Data
All Insurance, Risk & Actuarial Data programmes → · How to apply · Fees & financing · Scholarships