Parametric Flood Insurance Course
Online 300-hour course in parametric flood insurance. 6 modules covering Directive 2007/60/EC (flood risk assessment and management), Royal Decree 903/2010 (flood risk assessment and management) and HEC-RAS. Assigned tutor and open enrolment.
Parametric Flood Insurance Course — 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 14 900 (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
Understand how a parametric flood insurance policy works.
Select measurable and independent hydrological or meteorological parameters.
Design the trigger, the payment scale and the settlement mechanism.
Quantify and reduce the product's basis risk.
Price the cover and estimate the reinsurance capacity required.
Analyse its fit with the Consorcio's extraordinary risks system.
Define operational procedures that build policyholder confidence.
Who it's for
- Parametric insurance designer wishing to specialise in parametric flood insurance.
- Insurance-applied hydrologist wishing to specialise in parametric flood insurance.
- Climate risk actuary wishing to specialise in parametric flood insurance.
- Earth observation data analyst wishing to specialise in parametric flood insurance.
- Natural hazard underwriter wishing to specialise in parametric flood insurance.
- Disaster risk financing consultant wishing to specialise in parametric flood insurance.
- Engineering or science graduates seeking to enter insurance companies.
What you'll work with
- Directive 2007/60/EC (flood risk assessment and management)
- Royal Decree 903/2010 (flood risk assessment and management)
- Royal Decree 300/2004 (Regulation on extraordinary risks insurance)
- Law 50/1980 on Insurance Contracts
- Delegated Regulation (EU) 2017/2358 (product oversight and governance)
- Directive (EU) 2016/97 (IDD)
- Sendai Framework for Disaster Risk Reduction
6 modules · 300 h
1.1Limitations of indemnity insurance for flooding1.2What the parametric approach resolves1.3Speed of payment and liquidity for the affected party1.4Flood protection gap1.5Market cases and public programmes1.6Stakeholders: insurer, reinsurer and government1.7Vocabulary and acronyms in the field1.8Advantages and drawbacks of the approach1.9Policyholder expectations1.10Exercise: when the parametric approach is appropriate
2.1River level and gauging stations2.2Accumulated rainfall and thresholds2.3Flood footprint models2.4Satellite data on flooded surface2.5Composite indices and their design2.6Availability and reliability of the source2.7Data publication latency2.8Manipulation and governance of the source2.9Independent verification2.10Practice: selecting the parameter for a product
3.1Thresholds and payment steps3.2Single versus staged payment3.3Relationship between parameter and actual damage3.4Basis risk and its quantification3.5Reducing basis risk3.6Coverage period and event window3.7Event definition and successive events3.8Limits and sum insured3.9Clear documentation for the client3.10Practice: complete trigger design
4.1Flood hazard models4.2Probability of activation4.3Expected loss and loadings4.4Model uncertainty4.5Effect of climate change4.6Accumulation and correlation between policies4.7Reinsurance and capital markets4.8Comparison with the indemnity product4.9Price sustainability4.10Practice: pricing a product
5.1Legal classification of the product5.2Insurable interest requirement5.3Distribution and information regulations5.4Transparency on basis risk5.5Payment management after the event5.6Disputes over measurement5.7Collaboration with public administrations5.8Client education5.9Product performance indicators5.10Practice: payment protocol after an event
6.1Choice of area and group6.2Hazard analysis6.3Selection of parameter and source6.4Design of trigger and payments6.5Basis risk analysis6.6Pricing and capacity6.7Regulatory analysis6.8Launch and communication plan6.9Product report6.10Project defence
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, making it possible to combine with work.
Each module combines theory, guided reading of the original standard and applied exercises. The working software is HEC-RAS, Iber, QGIS, Google Earth Engine, R, in free, academic or evaluation versions. Case studies cover real procedures for calibrating a rainfall or discharge index against historical losses, basis risk analysis of a parametric trigger, and use of maps from the Spanish National Cartography System of Flood Zones. Assessment is continuous per 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.
Understand how a parametric flood insurance policy works.
Select measurable and independent hydrological or meteorological parameters.
Design the trigger, the payment scale and the settlement mechanism.
Quantify and reduce the product's basis risk.
Price the cover and estimate the reinsurance capacity required.
Where this takes you
Requirements
- No prior qualification required.
- Internet connection and a computer capable of running the programme's software.
- Sufficient 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 comprises 300 hours in total, spread over 3 to 5 months. That is an average of 10 to 15 hours per week, compatible with a full-time job.
You will work with HEC-RAS, Iber, QGIS, Google Earth Engine and R. Free, academic or evaluation versions are used, and the tutor indicates the open-source alternative where one exists.
A SEIUM diploma upon passing 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 can be credited towards the advanced programme. Check the recognition policy when you enrol.
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