THE DEPARTMENT OF ACTUARIAL,INSURANCE & RISK MANAGEMENT SCIENCES
Welcome to the Department of Actuarial, Insurance and Risk Management Sciences website. My name is Noble Malunguza and I am the Chairperson. The department is a leading centre for the teaching of Risk Management, Insurance and Actuarial Science on the continent and beyond. Our partnerships with the Insurance Industry and professional bodies regionally and globally, ensures that our programmes remain relevant and responsive to the changing educational needs of the market.
The Department has established pedigree in the teaching of Actuarial Science in the region. Our curriculum covers most of the core subjects of the Actuarial Science professional examining bodies. The modules are grouped into Business, Actuarial Mathematics and Actuarial Statistics courses. Data Science courses have been infused into the curriculum in response to the transformative industry impact of the big data revolution.
Our Risk Management and Insurance programme has been the flagship of the Faculty of Commerce since establishment in 1991. The undergraduate programme offers solid foundation in the principles of the management of risk for all enterprises. The masters programme builds from this foundation to provide a specialised and advanced understanding of the theory and practice including risk modelling.
To excel in human capital development for the insurance and broader financial industry.
- Academic excellence with integrity, honesty and ethical behaviour.
- Responsible research and innovation that drives commercialisation and industrialisation.
- Mutual respect, teamwork and effective partnerships.
We are the Center of Excellence for the teaching of Actuarial Science, Risk Management and Insurance on the continent. Our strong industry rapport inform our curriculum. We are driven by a passion to fulfil your dreams. There are current and past funding partnerships with ARC Milliman and Higherlife/Joshua Nkomo Foundation.
(i) Actuarial Science Research Group
Research Group Lead : Mr. Saiding Munyala
The Actuarial Science Research Group advances quantitative research that strengthens the understanding, modelling, and management of financial, demographic, and health-related risks in modern economies. Drawing on advanced statistical modelling, actuarial analytics, and financial risk frameworks, the cluster addresses complex challenges facing pension systems, investment management, insurance solvency, and public health policy. The research integrates actuarial science with financial economics and regulatory analysis to develop evidence-based solutions for sustainable pension systems, resilient financial institutions, and effective risk governance. The cluster’s work spans five complementary sub-fields: risk assessment and modelling, pension and retirement sustainability, financial risk and investment strategy, regulatory compliance and solvency frameworks, and disease modelling and health economics. Together, these areas provide a comprehensive research platform that supports financial stability, long-term retirement security, and improved public policy design. By producing rigorous actuarial research and applied analytics, the cluster contributes to the advancement of actuarial science while supporting regulators, financial institutions, and policymakers in managing uncertainty and long-term risk.
(ii) Insurance and Risk Management Research Group
Research Group Lead : Ms. Smarntha Shonhiwa
The Insurance and Risk Management Research Group focuses on advancing knowledge on the identification, measurement, and management of risks within insurance markets, financial systems, and emerging economic sectors. The cluster integrates quantitative risk modelling, enterprise risk frameworks, insurance analytics, and climate risk assessment to strengthen the resilience of insurance institutions and risk management practices. Research within this cluster explores five key areas: risk assessment and quantification, enterprise risk management, insurance pricing and underwriting analytics, reinsurance and risk transfer mechanisms, and agriculture and climate risk insurance. Particular emphasis is placed on innovative insurance solutions, predictive analytics in underwriting, and climate-responsive risk products that support economic resilience and sustainable development.
Through interdisciplinary research and advanced risk analytics, the cluster contributes to improved insurance product design, stronger risk governance, and more robust financial protection systems. Its work supports insurers, regulators, and policymakers in developing adaptive risk management frameworks capable of responding to evolving financial, environmental, and societal risks.
Our Programmes
Undergraduate
ENTRY REQUIREMENTS
Applicants for the Bachelor of Commerce Honours Degree in Actuarial Science must have the following qualifications or their equivalent:
- Five (5) Ordinary Level passes, including English Language and Mathematics (with at least a grade C or better)
- At least two passes at ‘A’ level in both Mathematics and Statistics and one Commercial subject preferably Economics or Accounting.
SPECIAL ENTRY
Applicants without the appropriate 'A' Level qualifications for entry but who have passed exams from any actuarial professional body as well as relevant working experience and who satisfy the University and the Department of their ability to complete the degree study programme satisfactorily will be considered.
Entry Requirements
Normal Entry
Applicants who wish to study for a Bachelor of Commerce Honours Degree in Risk Management and Insurance must have the following qualifications or their equivalent:-
- Five ‘O’ level passes including English and Mathematics
- At least two passes at ‘A’ level including Economics, Mathematics or Accounting and any other Commercial subject.
Special Entry
Applicants without the appropriate 'A' Level qualifications for entry but who have professional qualifications from Institutions such as CII (UK), IIS (SA), IRM, ASSA or IFoA as well as relevant working experience and who satisfy the University and the Department of their ability to complete the degree study programme satisfactorily will be considered.
Mature Entry
There is provision for mature entry for persons who may not have academic qualification for entry but who have suitable or relevant post school experience and who satisfy the General Regulations.
Postgraduate
ENTRY REQUIREMENTS
Applicants must be holders of a BSc Honours Degree, Bachelor of Commerce Honours Degree or equivalent with a degree class of at least Lower Second (2.2) in Risk Management, Insurance, Actuarial Science, Mathematics, or Statistics.
Applicants who hold a Commercial degree or equivalent, preferably with a Lower Second Class (2.2) or better, from a recognised University must have an advanced Diploma in Insurance and/or Risk Management from a recognised Institution/Professional body.
Our Staff
