Business

Master of Business Administration (Insurance and Risk Management Option)

The Master of Business Administration (Insurance and Risk Management Option) is a specialised postgraduate programme that combines business management principles with insurance and risk management. The programme equips professionals with skills to identify, assess, mitigate, and manage risks in insurance, banking, and corporate environments.

Core areas include risk management, insurance principles, life assurance, general insurance, reinsurance, insurance law, corporate governance, financial management, and strategic management. Students engage with both theoretical frameworks and practical insurance and risk management applications.

The programme is offered by Egerton University through its Faculty of Commerce as one of eleven MBA specialisation options. The University of Nairobi also offers Insurance as a specialisation within its MBA programme through its School of Business. Adventist University of Africa offers an MBA with an Insurance and Risk Management course.

Students develop competencies in risk assessment, insurance management, underwriting, claims management, reinsurance, regulatory compliance, and research. The programme includes coursework, examinations, project or thesis, and oral defence.

Egerton University (public) charges KES 157,900/year including all charges. UoN (public) charges approximately KES 301,125/year. Entry requires a Bachelor's degree with at least Upper Second Class Honours or Lower Second with relevant work experience.

Graduates pursue careers as risk managers, insurance managers, underwriters, claims managers, reinsurance managers, and insurance consultants in insurance companies, banks, corporate risk departments, and regulatory bodies.

Skills Required

Risk Assessment and Management
Insurance Principles and Practice
Underwriting and Risk Pricing
Claims Management and Administration
Reinsurance and Risk Transfer
Insurance Law and Regulatory Compliance
Corporate Governance and Risk Oversight
Financial Management and Analysis
Strategic Management in Insurance
Research Methods in Risk and Insurance

Key Subjects

Risk Management and Insurance Principles
Life Assurance and Pension Schemes
General Insurance and Property Insurance
Reinsurance and Risk Transfer
Insurance Law and Regulatory Compliance
Corporate Governance and Risk Oversight
Financial Management for Insurance
Strategic Management in Insurance
Underwriting and Claims Management
Research Methods in Risk and Insurance

Certifications

CII Insurance Certification
IRM Risk Management Certification

Specializations

General Insurance

Focuses on general insurance, property insurance, liability insurance, motor insurance, marine insurance, and managing and underwriting general insurance products.

Life Assurance

Examines life assurance, life insurance, pension schemes, group insurance, annuities, and managing and underwriting life insurance and pension products.

Reinsurance

Covers reinsurance, risk transfer, treaty reinsurance, facultative reinsurance, retrocession, and managing and arranging reinsurance programmes.

Corporate Risk Management

Focuses on corporate risk management, enterprise risk management, operational risk, strategic risk, and managing and mitigating risks in corporate environments.

Insurance Regulation

Examines insurance regulation, regulatory compliance, solvency, market conduct, and understanding and applying insurance regulation and supervision.

Insurance Law

Covers insurance law, contract law, legal aspects of insurance, insurance disputes, and understanding and applying insurance law and regulation.

Duration: 2 years
Public, up to: Ksh 301,125
Private, up to: Ksh 700,000
Job market: Moderate

The programme

What you study, how long it takes, and how it is delivered.

Practicalities

Study mode: Full-time, Part-time
Attachment: 0 months
Average class: 20 students
Award: Masters

What you study

10 subjects

Risk Management and Insurance Principles
Life Assurance and Pension Schemes
General Insurance and Property Insurance
Reinsurance and Risk Transfer
Insurance Law and Regulatory Compliance
Corporate Governance and Risk Oversight
Financial Management for Insurance
Strategic Management in Insurance
Underwriting and Claims Management
Research Methods in Risk and Insurance

Modules

12 in the programme

Risk Management and Insurance Principles
Year 1Semester 13 creditsCore
Examines risk management, risk identification, risk assessment, risk mitigation, insurance principles, insurance contracts, and understanding and applying risk and insurance principles.
Strategic Management
Year 1Semester 13 creditsCore
Covers strategic management, strategy formulation, competitive strategy, insurance strategy, and understanding and developing strategy in insurance and risk management.
Financial Management for Insurance
Year 1Semester 13 creditsCore
Examines insurance finance, premium pricing, reserving, investment, financial analysis, and managing finances in insurance companies.
Life Assurance and Pension Schemes
Year 1Semester 13 creditsCore
Covers life insurance, life assurance, pension schemes, group insurance, annuities, and managing and underwriting life insurance and pension products.
General Insurance and Property Insurance
Year 1Semester 23 creditsCore
Examines general insurance, property insurance, liability insurance, motor insurance, marine insurance, and managing and underwriting general insurance products.
Reinsurance and Risk Transfer
Year 1Semester 23 creditsCore
Covers reinsurance, risk transfer, treaty reinsurance, facultative reinsurance, retrocession, and managing and arranging reinsurance programmes.
Insurance Law and Regulatory Compliance
Year 1Semester 23 creditsCore
Examines insurance law, contract law, legal aspects of insurance, insurance disputes, regulatory compliance, and understanding and applying insurance law and regulation.
Corporate Governance and Risk Oversight
Year 1Semester 23 creditsCore
Covers corporate governance, risk oversight, board risk management, compliance, enterprise risk management, and understanding and applying corporate governance in risk management.
Underwriting and Claims Management
Year 2Semester 13 creditsCore
Examines underwriting, risk pricing, underwriting guidelines, claims management, claims assessment, and managing and administering underwriting and claims.
Research Methods in Risk and Insurance
Year 2Semester 13 creditsCore
Covers research methods, design, data collection, analysis, and conducting research in insurance and risk management, preparing students for their project or thesis.
Research Project Proposal
Year 2Semester 13 creditsCore
Preparation of research project or thesis proposal, including research design, literature review, methodology, and proposal presentation.
Research Project or Thesis
Year 2Semester 26 creditsCore
Original research project or thesis on an insurance or risk management topic, demonstrating mastery of research methods and knowledge, assessed through written submission and oral defence.

Specialisations

General Insurance
Focuses on general insurance, property insurance, liability insurance, motor insurance, marine insurance, and managing and underwriting general insurance products.
Life Assurance
Examines life assurance, life insurance, pension schemes, group insurance, annuities, and managing and underwriting life insurance and pension products.
Reinsurance
Covers reinsurance, risk transfer, treaty reinsurance, facultative reinsurance, retrocession, and managing and arranging reinsurance programmes.
Corporate Risk Management
Focuses on corporate risk management, enterprise risk management, operational risk, strategic risk, and managing and mitigating risks in corporate environments.
Insurance Regulation
Examines insurance regulation, regulatory compliance, solvency, market conduct, and understanding and applying insurance regulation and supervision.
Insurance Law
Covers insurance law, contract law, legal aspects of insurance, insurance disputes, and understanding and applying insurance law and regulation.

A day as a student

A typical day during the MBA (Insurance and Risk Management) programme combines lectures, case studies, practical exercises, and research. Sessions cover risk management, insurance principles, life assurance, general insurance, reinsurance, and insurance law. Risk management sessions examine risk identification, risk assessment, risk mitigation, enterprise risk management, and managing and mitigating risks in organisations. Insurance principles sessions cover insurance principles, insurance contracts, insurable interest, indemnity, subrogation, and understanding and applying insurance principles. Life assurance sessions examine life insurance, pension schemes, group insurance, annuities, and managing and underwriting life insurance products. General insurance sessions cover property insurance, liability insurance, motor insurance, marine insurance, and managing and underwriting general insurance products. Reinsurance sessions examine reinsurance, risk transfer, treaty reinsurance, facultative reinsurance, and managing and arranging reinsurance programmes. Insurance law sessions cover insurance law, contract law, legal aspects of insurance, insurance disputes, and understanding and applying insurance law. Corporate governance sessions examine risk oversight, board risk management, compliance, and understanding and applying corporate governance in risk management. Financial management sessions cover insurance finance, premium pricing, reserving, investment, and managing finances in insurance. Strategic management sessions examine strategy, competition, insurance strategy, and understanding and developing strategy in insurance. Research methods sessions prepare students for their project or thesis. Case studies and practical exercises provide real-world insurance and risk management application. Guest lectures from insurance executives, regulators, and risk managers provide industry insights. The programme culminates in a research project or thesis on an insurance or risk management topic.

The trade offs

In its favour

Programme combines business management with specialised insurance and risk management, addressing the need for qualified risk professionals in Kenya's growing insurance sector.
Offered at multiple public universities including Egerton and UoN, providing choice of institution and cost.
Career opportunities across insurance companies, banks, corporate risk departments, regulatory bodies, and consulting.
Egerton University offers affordable tuition at KES 110,000/year compared to other MBA programmes.

Against it

Programme is offered as a specialisation within a general MBA, not as a standalone degree, at most universities.
Insurance sector in Kenya is relatively small compared to banking, potentially limiting immediate job opportunities.
Programme may require additional professional certifications (CII, IRM) for career advancement, adding to cost and time.
Adventist University of Africa's fee structure is not publicly available, making cost comparison difficult.

What it costs

Tuition at both ends of the market, and how to pay for it.

What it costs, and where

Against 331 business courses

Public158k to 301k

158k at Egerton University301k at University of Nairobi

Private119k to 700k

119k at Mount Kenya University700k at Strathmore University

Annual tuition in Kenyan shillings, rounded. The upright tick is the median for this field, so a bar sitting entirely to its right is an expensive programme by the standards of its own subject.

The fine print

Egerton MBA 157,900 Yr1 (Egerton). UoN 602,250/2yr (kenyaeducationguide). MKU 59,550/sem (victormatara).

HELB postgraduate loans are available for Kenyan students. IIEA supports professional development for insurance professionals in East Africa. CII offers scholarship programmes for insurance professionals. The programme's insurance and risk management focus attracts insurance company, professional body, and regulatory funding.

Funding options

HELB Postgraduate Loan
IIEA Professional Development
CII Scholarship Programmes

Scholarships

3 recorded

HELB Postgraduate Loan
LoanKsh 200,000Kenyan
Kenyan students pursuing postgraduate insurance and risk management studies at recognised universities.
IIEA Professional Development
ScholarshipKsh 150,000Kenyan
Insurance Institute of East Africa supports professional development for insurance professionals in East Africa.
CII Scholarship Programmes
ScholarshipKsh 200,000
Chartered Insurance Institute offers scholarship programmes for insurance professionals pursuing postgraduate study and professional qualifications.

Getting in

The grades, the alternatives, and who accredits the award.

What you need

KCSE mean grade: N/A (Postgraduate)
Alternative entry: Egerton University offers MBA with Insurance and Risk Management specialisation through its Faculty of Commerce over 2 years, full-time and part-time. UoN offers Insurance as a specialisation within its MBA programme. Entry requires a Bachelor's degree with at least Upper Second Class Honours or Lower Second with relevant work experience. Holders of professional qualifications with at least two years of work experience may also be eligible. Contact respective universities for specific admission requirements and procedures.

How you are assessed

4 components

Coursework and Continuous Assessment
Coursework30% of the mark
Continuous assessment through coursework assignments, risk analysis exercises, case studies, seminar presentations, and class participation.
Written Examinations
Examination40% of the mark
Written examinations covering risk management, insurance principles, insurance law, reinsurance, and strategic management.
Practical Risk and Insurance Analysis
Practical30% of the mark
Practical assessment through risk assessment projects, insurance case study analysis, underwriting exercises, and producing risk and insurance reports.
Research Project or Thesis
Research100% of the mark
Original research project or thesis on an insurance or risk management topic, demonstrating mastery of research methods and knowledge, assessed through written submission and oral defence.

Accreditation

The programme is accredited by the Commission for University Education (CUE). Egerton University offers MBA with Insurance and Risk Management as one of eleven specialisation options through its Faculty of Commerce. UoN offers Insurance as a specialisation within its MBA programme. Adventist University of Africa offers an MBA with an Insurance and Risk Management course. The programme meets CUE standards for postgraduate business administration with insurance and risk management specialisation.

Accredited by

Commission for University Education (CUE)
Academic accreditationRequired
Programme accredited by CUE. Egerton University offers MBA with Insurance and Risk Management specialisation through its Faculty of Commerce. UoN offers Insurance as a specialisation within its MBA programme. Adventist University of Africa offers MBA with Insurance and Risk Management course. The programme meets CUE standards for postgraduate business administration with insurance and risk management specialisation.

Where it leads

The roles it opens, and what you leave with.

Where graduates go

6 roles

Risk Manager
High demandKsh 150,000 to Ksh 600,000
Manages organisational risk, overseeing risk assessment, risk mitigation, enterprise risk management, compliance, and supporting risk management in organisations.
Insurance Manager
Moderate demandKsh 140,000 to Ksh 550,000
Manages insurance operations, overseeing underwriting, claims, products, distribution, and ensuring efficient and profitable insurance operations.
Underwriter
Moderate demandKsh 120,000 to Ksh 500,000
Underwrites insurance, overseeing risk assessment, risk pricing, underwriting decisions, and ensuring profitable underwriting and risk selection.
Claims Manager
Moderate demandKsh 130,000 to Ksh 500,000
Manages claims, overseeing claims assessment, claims processing, claims settlement, and ensuring fair and efficient claims management.
Reinsurance Manager
Low demandKsh 150,000 to Ksh 600,000
Manages reinsurance, overseeing reinsurance arrangements, treaty negotiation, risk transfer, and ensuring effective reinsurance programmes.
Insurance Consultant
Moderate demandKsh 140,000 to Ksh 550,000
Consults on insurance matters, overseeing advisory, analysis, risk assessment, and providing insurance expertise and solutions to clients.

Graduate outcomes

Graduates pursue careers as risk managers, insurance managers, underwriters, claims managers, and insurance consultants in insurance companies, banks, and regulatory bodies.

Where these fields lead

8 careers

Tools you will learn

Microsoft Excel
SoftwarePrimary
Spreadsheet software for risk modelling, insurance calculations, premium pricing, claims analysis, and managing insurance and risk data.
SPSS
Software
Statistical software for insurance research, risk analysis, actuarial analysis, and quantitative data analysis in insurance and risk management research.
R Statistical Software
Software
Statistical computing software for risk modelling, actuarial analysis, loss distribution analysis, and quantitative analysis in insurance and risk.
SAS
Software
Analytics software for risk modelling, predictive analytics, fraud detection, and data analysis in insurance and risk management.

Industry links

Common misconceptions

Insurance and risk management is just about selling insurance.
The programme covers risk assessment, underwriting, reinsurance, regulation, law, and corporate risk management, far beyond selling insurance policies.
There are limited career opportunities in insurance in Kenya.
Kenya's growing insurance sector, regulatory reforms, and increasing risk awareness create demand for qualified insurance and risk management professionals.
Risk management is only for financial institutions.
Risk management is essential across all sectors including manufacturing, healthcare, government, NGOs, and technology, not just banks and insurance companies.
An MBA in Insurance is the same as a general MBA.
While grounded in business principles, this programme specifically addresses insurance industry challenges, regulation, underwriting, and risk transfer.
Insurance is a declining industry.
Insurance is growing globally, with new products, technologies, and markets creating opportunities for qualified professionals.
The programme is only for those already working in insurance.
While insurance experience is valuable, the programme accepts graduates from business, economics, finance, and related fields seeking to enter insurance and risk management.