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Studies & Degrees in Insurance

Insurance is the business of taking on risk for a price. A policyholder pays a premium and, in exchange, the insurer carries the financial burden of an unpredictable loss such as a fire, an accident, an illness or a death. To do that, insurers need people who select and price risks, sell and explain policies, settle claims, invest the premiums and make sure the company can always pay what it owes. Studying insurance means learning how that system works.

Programmes combine business subjects with insurance-specific ones: principles of risk and insurance, life and health insurance, property and liability insurance, insurance law and contracts, underwriting, claims handling, reinsurance, and the finance and statistics needed to measure risk. At university the subject is usually called risk management and insurance. Illinois State University, for example, describes its major as preparing students to manage a variety of traditional and emerging risks.

Qualifications and levels

  • Bachelor's degrees. In the United States insurance is typically a major or concentration inside a business degree. According to the US Bureau of Labor Statistics (BLS), underwriters typically need a bachelor's degree, business is a common field of degree, and coursework in finance, economics and mathematics is helpful.
  • Master's degrees and actuarial studies. The mathematical side of insurance is actuarial science. In Spain the actuary is a regulated profession. The Máster en Ciencias Actuariales y Financieras of the Universidad del País Vasco (EHU) qualifies graduates for it: it has 120 ECTS credits over two years, is taught on site in Spanish and offers 40 places. The university states that it follows the European actuarial core syllabus. The same university's Grado en Finanzas y Seguros is listed as being phased out, so check current offers before applying.
  • Short courses for distributors. Selling insurance usually requires a regulated course, not a degree. In Spain, Royal Decree 287/2021 sets three levels: at least 300 teaching hours for those responsible for distribution (level 1), 200 hours for agents and staff who give advice (level 2) and 150 hours for those who only provide information (level 3). Levels 1 and 2 also require at least 25 hours of continuing training a year. Many online schools teach these courses; ask the school which level its course covers.
  • Licences and professional qualifications. In the United States, the BLS notes that insurance sales agents must be licensed in the states where they work, with separate licences for life and health insurance and for property and casualty insurance. In the United Kingdom, the Chartered Insurance Institute offers qualifications for all levels, from new entrants to experienced professionals, built from units assessed by exams, coursework or a dissertation.

Where to study it

SpainExchange lists 38 active schools for insurance. The United States has 18 and Spain has 7; China and Zambia have two each, and countries with one school include Australia, Canada, Malta, Moldova, Puerto Rico, Ireland, the United Kingdom and Argentina.

In the United States the list includes universities such as Illinois State University, whose Katie School of Insurance and Risk Management was established in 1991, Temple University, the University of Wisconsin-Madison, Florida Atlantic University and the University of North Texas, as well as community colleges. In Spain it includes the Universidad del País Vasco and the Universidad Pontificia de Salamanca, together with online training centres. Elsewhere it includes the University of Malta, Camosun College in Canada and the University of Lusaka in Zambia.

Insurance law and licensing are national, and in the United States they are set state by state. A sales licence or distributor course from one country does not carry over to another, so choose a programme in the country where you intend to work, or a broader degree in finance or actuarial science if you want to stay mobile.

Careers

The main roles are underwriter, sales agent or broker, claims adjuster, actuary and risk manager. Underwriters evaluate insurance applications and decide whether to approve them. Actuaries use mathematics, statistics and financial theory to analyse the economic cost of risk. In Spain, the EHU also lists public-sector careers for actuaries, such as the state corps of insurance inspectors.

The outlook differs by role. For the United States, the BLS projects from 2025 to 2035 a 9 percent growth in employment of actuaries, a 3 percent growth for insurance sales agents, a 4 percent decline for underwriters and a 6 percent decline for claims adjusters, appraisers, examiners and investigators. These figures apply to the United States only.

Frequently asked questions

Do I need a degree to work in insurance?

It depends on the role. According to the BLS, insurance sales agents in the United States typically need a high school diploma and a state licence, while underwriters and actuaries typically need a bachelor's degree.

What do I need to sell insurance in Spain?

A training course of the level that matches your role: at least 300 hours for level 1, 200 hours for level 2 and 150 hours for level 3, under Royal Decree 287/2021.

What is the difference between insurance studies and actuarial science?

Insurance studies cover the business as a whole: products, law, underwriting, sales and claims. Actuarial science is the mathematical specialism that measures risk, and actuaries must pass a series of exams or, in Spain, hold a qualifying master's degree.

How long does it take to become an actuary in Spain?

The qualifying master's degree at the Universidad del País Vasco has 120 ECTS credits and lasts two years, after a bachelor's degree.