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Economics and Business (530)

Economics and Business (530) provides you with an understanding of the economic and business environment and its approach to insurance together with some of the issues that need to be addressed by managers at this level.

The default Enrolment option for this unit includes:

  • Latest version of the core learning content, in digital format only.
  • Assessment entry.

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The study text closely follows the examination syllabus which is designed to enable you to evaluate the following:

  • The nature of economic systems and current developments in the global and UK economy.
  • The role of insurance in the economy.
  • Supply and demand concepts.
  • The key features of the competitive environment.
  • Aspects of monetary policy, fiscal policy and taxation.
  • The nature and impact of inflation and deflation, employment and of free trade, balance of payments, exchange rates and economic business cycles.
  • The impact of ethics, corporate governance and risk management on the insurance profession.
  • The concepts and features of financial reports to non-insurance business situations.

Please note: The syllabus learning outcomes support the principle that understanding how and when to use knowledge is as important as the knowledge itself. This study material has been designed to support the achievement of these outcomes, but you should note that success in the 530 assessment will require you to undertake further reading and private research beyond this core text.

Building a successful career in insurance

Economics and Business (530) is intended for those who are nearing the completion of the ACII qualification. You will have already developed a sound grounding in the technical aspects of insurance and will be approaching or have already reached first-line management.

It is assumed that you have knowledge of insurance organisations, finance and regulations as typically covered in Insurance, Legal and Regulatory (IF1) or Insurance Business and Finance (M92) or equivalent examinations.

Summary of learning outcomes 

  1. Analyse the nature of the economy and relevant economic issues.
  2. Analyse and apply demand and supply concepts.
  3. Evaluate market structures and the business environment.
  4. Evaluate the impact of ethics, corporate governance, and risk management on insurance business.
  5. Analyse the macro economy and aspects of monetary and fiscal policy.
  6. Evaluate international trading and financial relationships.
  7. Analyse the interaction between economics and accounting.

Assessment

  • 3 coursework assignments of up to 3,200 words
  • 50% nominal pass mark
  • The average pass rate for those completing Advanced Diploma in Insurance coursework units in full is currently 97.2%

Study material – editions available

Enrolment (12 months)