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 South Africa
South Africa has one of the more developed insurance and financial services sectors on the continent, with major insurers and reinsurers headquartered in Johannesburg and Cape Town. Actuarial and risk analysis skills are in demand for pricing, reserving and risk management. The Financial Sector Conduct Authority and the Prudential Authority regulate the sector, and insurers rely on data-driven models to meet capital and solvency requirements. Engineers with statistics and data skills are increasingly recruited into these roles.
Fees for South Africa: R 12 000 (South African rand), with instalments and employer sponsorship available.
Relevant bodies in South Africa
Typical roles
Questions from South Africa
Will a SEIUM qualification be recognised by the professional bodies in South Africa for this area?
SEIUM qualifications are private qualifications, not official state degrees, and they are not accredited by any South African body. Actuarial work in South Africa is overseen by the Actuarial Society of South Africa (ASSA), whose professional credentials follow their own examination and regulatory routes. Recognition of a SEIUM qualification is decided by employers or the relevant body, so verify this directly with them before enrolling.
How might this qualification be used by employers in South Africa in insurance and risk roles?
Insurers, banks and risk consultancies look for strong data, modelling and risk skills. A private qualification may support your profile, particularly alongside relevant experience, but it will not replace formal professional credentials where these are required. Whether a particular employer values it is up to them, so it is worth asking hiring managers in your target field how they would view it.
Can I study this programme alongside full-time work from South Africa, and is there a time zone or language issue?
Yes, the programme is delivered fully online and in English, so no student visa is needed to study from home. Master's programmes require 1,900 hours, postgraduate diplomas 800 hours and specialist courses 300 hours. Each student is assigned a technical tutor, fees can be paid in instalments, and employer sponsorship is possible. Ask SEIUM about the time-zone and weekly workload expectations before committing.
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.
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