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Risk Management and Insurance Concentration

Risk Management and Insurance Concentration. Why Work in Insurance and Risk Management?. “Projections for consumer spending indicate there will be above average growth for the products of the property and casualty insurance industry.

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Risk Management and Insurance Concentration

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  1. Risk Management and Insurance Concentration

  2. Why Work in Insurance and Risk Management? • “Projections for consumer spending indicate there will be above average growth for the products of the property and casualty insurance industry. This bodes well for the continued growth of the industry, but also substantiates the need to ensure the appropriate supply of human resources to satisfy the growth in demand.” https://www.insuranceinstitute.ca/iicContents/pdf/research_initiatives/executive_brief.pdf

  3. More Reasons Why • Insurance will never go out of style: • Demand for insurance is correlated with economic prosperity. • Reaches all areas of the economy. • Major strength of industry is people: industry is committed to continuing education, networking, and relationship building. • Workforce tends to be highly mobile; excellent opportunities for advancement.

  4. What Sort of Jobs are Available? • Insurance Companies • All ‘traditional’ business opportunities (H.R., IT, finance, sales, accounting etc.) • Underwriting, adjusting, actuarial, legal, loss control specialist, risk management • Brokerage • Sales of personal financial products, risk management. • Commercial brokers assess the needs of a business and find options that fit those needs.

  5. Risk Managers • May work for an insurer or broker • May be employed by any (typically large) company • Help manage the risk to a firm arising from how a firm operates, what it does and the environment in which it operates. • Manage price risks (input and output), credit risk, and pure risks such as damage to assets, legal liability, worker injury and human resource losses.

  6. Professional Advantage of Insurance and Risk Management Concentration • If students commence CIP program within 2 years of graduation: • Receive credit for CIP course C11 • Eligible to challenge CIP exam C16 • During reading week 2012, students had the opportunity to complete CIP course C13. • Normal cost for a course is $684; WLU students could take the course for $275 • If there is interest, another CIP course will be offered during future reading weeks.

  7. Risk Management & Insurance Concentration • The concentration consists of the following courses: • The following three (3) courses are required: BU353 – Introduction to Risk Management and Insurance BU419 – Property and Liability Insurance Management BU429 – Capital Market Issues in Property and Liability Insurance • And one (1) of: BU412 – Services Marketing Management BU413 – Personal Financial Planning and Management BU414 – Occupational Health and Safety BU423 – Options, Futures and Swaps BU433 – Management of Financial Institutions BU461P – Managing Product Liability Risks BU483 – Life and Health Insurance

  8. Course Planning

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