Bachelor of Science in Risk Management and Insurance

Program Overview

Risk management has turned out to be one of the primary objectives for any organization be it banking or non-banking organization. This uncertainty has dissimilar impact on the organizations, and it may immensely impact a financial institution especially banks. There are different ways of managing risk and the most used method is risk transfer, where risk on individual, household, business can be transferred to an insurance company. This makes insurance companies and insurance as a subject a requirement for a robust and strong economy.

In Oman, the insurance sector is picking up with an annualized growth rate of around 10.3%, this growth rate is the third fastest growth rate in GCC. The top three insurance markets in Oman are motor insurance, health insurance and life insurance.  This strong growth and trust in insurance sector makes it one of the most essential sectors for a growing economy like Oman. The potential of insurance growth in Oman and GCC has created a demand of educated and skilled insurance professionals across GCC. This program in Risk Management and Insurance caters to the needs of the insurance industry. The program will help in filling the wide gap between demand and supply of insurance professional in Oman and GCC. The program will expose students to various models and concepts from risk management as well as in different disciplines of insurance.

  • Degree endorsed by the University of Missouri, St. Louis (USA).
  • Curriculum designed with input from local industry experts.
  • Strong industry links, workplace and off-site field trips.
  • Well qualified international faculty

This program will help graduates in gaining skills and knowledge required to work in insurance sector and other financial institutions. The demand for insurance professionals is really very high across GCC countries. The graduates of this course can even go for higher studies like master’s in insurance and Risk Management, and professional certifications like life insurance certifications from Life Office Management Association (LOMA), USA and Chartered Insurance institute (CII), UK.
Graduates of this program can assist employers in:

  • In underwriting process by contributing in risk assessment of the proposals
  • In sales department of the insurance companies
  • Loss assessment and claims settlements
  • Reinsurance department and loss sharing
  • A recognized general education diploma or its equivalent. 
  • Students joining MCBS must go through an English placement test to determine the appropriate English level before joining the GFP
  • Students presenting a valid score of 5 – 5.5 in IELTS or 65-79 in internet based TOEFL (iBT) are exempted from the English Program 
  • Students will need to go through Mathematics and IT placements tests to determine their levels of proficiency in these subjects as they are part of the GFP or possible exemption. 
  • Mathematics placements test will determine whether Basic Mathematics (MATH 10) and Applied Mathematics (MATH 20) can be exempted or students will be given both or one of them
  • IT Placement test will determine whether students will require to take the Information Technology foundation course (COSC 10)

Bachelor’s degree requires about 8 semesters or 4 years
Total Credits: 123
Program Delivery: 12-15 credits per semester


RMI Major Requirements Courses            33 credits       

  • RMIM 200      Foundations of Risk Management and Insurance     
  • RMIM 300      Life and Health Insurance     
  • RMIM 302      Insurance Operations
  • RMIM 201      Risk Management Theory and Practice         
  • RMIM 301      Personal Property Liability Risk Management and Insurance          
  • RMIM 401      Property and Casualty
  • RMIM 400      Islamic Insurance       
  • RMIM 303      Employee Benefits and Retirement Plans
  • RMIM 404      Introduction to Econometric  
  • RMIM 403      Graduation Project     
  • RMIM 402      Risk Management in Islamic Financial Institution    

RMI Major Electives Courses         6 credits         

  • RMIM             Special Topics in Risk Management and Insurance  
  • RMIM             Investments    
  • RMIM             Risk Financing           
  • RMIM             Insurance Law           
  • RMIM             International Insurance Markets        
  • RMIM             Financial Modeling