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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 India

India's insurance market is expanding, with life and general insurers, reinsurers and technology providers based in Mumbai, Delhi NCR, Chennai and Hyderabad. The Insurance Regulatory and Development Authority of India regulates the sector, and the Life Insurance Corporation of India and General Insurance Corporation of India are prominent public players. Insurers increasingly use data analytics, telematics and risk modelling, creating demand for actuarial and data professionals. Engineers and analysts in this area build pricing models, underwriting tools and risk assessment platforms for motor, property and health insurance.

Fees for India: ₹95,000 (Indian Rupee), with instalments and employer sponsorship available.

Relevant bodies in India

  • Insurance Regulatory and Development Authority of India (IRDAI)
  • Institute of Actuaries of India (IAI)
  • Life Insurance Corporation of India (LIC)
  • General Insurance Council

Typical roles

  • Actuarial Analyst
  • Risk Data Analyst
  • Underwriting Analyst
  • Insurance Pricing Analyst

Questions from India

Is there a recognised actuarial or risk professional body in India for this area?

The main professional body for actuaries in India is the Institute of Actuaries of India (IAI), and insurers are regulated by IRDAI. SEIUM's qualifications are private and not accredited by any national body, so they do not give you IAI membership or any official status. Check the IAI's own exam and membership requirements before deciding.

Which employers in India hire for insurance, risk and actuarial data roles?

Life and general insurers, reinsurers, banks, consultancies and risk analytics teams hire for data and risk roles. Employers set their own hiring standards and decide how much weight to give a private qualification. Practical experience with data and modelling usually matters a great deal, so the course is best viewed as one part of your profile.

How is the programme delivered and how is it paid for in India?

The programme is delivered entirely online in English, so you can study from home with no student visa needed. Each student has an assigned technical tutor and completes a final project. Fees are payable in instalments, and employer sponsorship is possible, which many working professionals use to manage cost alongside their job.

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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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