China Center for Insurance and Risk Management (CCIRM) at Tsinghua University's School of Economics and Management (Tsinghua SEM) received official notification from the International Insurance Society (IIS) that its insurance program again was designated as one of Global Centers of Insurance Excellence (GCIE) on June 13. This recognition reaffirms the international recognition of Tsinghua University in risk management and insurance education.

In response to the growing demand for high-quality professionals in China's evolving insurance industry, the Department of Finance at Tsinghua SEM introduced a new insurance specialization in 1999 and began admitting undergraduate students that same year. The program aims to supply the Chinese insurance market with top professionals who are well-versed in modern insurance practices and international standards, while also establishing a modern insurance academic framework that aligns with both international norms and China's specific needs.

In 2001, three faculty members from Tsinghua's insurance program spent six months studying at the Wharton School of the University of Pennsylvania, where they completed all core courses offered by the Department of Insurance and Risk Management and analyzed the state of insurance education in the US and other countries.

That July, drawing from the Wharton School's curriculum and incorporating practices from other renowned institutions, Tsinghua University updated its insurance program curriculum to align with international standards in terms of content, textbooks, and teaching methods.

With its commitment to high standards and an international perspective, Tsinghua SEM has drawn on resources from top global universities and insurance institutions to make significant contributions to China's insurance education, research, and talent development.

Tsinghua SEM now offers a major in Economics and Finance with a specialization in insurance. The program is designed to cultivate well-rounded professionals who not only master systematic theories and analytical methods in economics and finance but also develop the practical skills needed to address challenges in the modern economic and insurance sectors. In addition to completing core and foundational courses in economics and finance, students specializing in insurance take actuarial courses such as Risk Management and Insurance Principles, Life and Health Insurance, Property and Liability Insurance, Fundamentals of Actuarial Science, and Social Insurance.

In 2008, Tsinghua SEM established CCIRM to enhance teaching and research in insurance and risk management, promote international collaboration in these fields, and develop into a world-class research hub for insurance and risk management.

The Department of Finance also offers a master's program in finance aimed at cultivating internationally competitive, high-level applied finance professionals. This program includes a specialization in insurance and emphasizes a practice-oriented approach, focusing on students' ability to solve real-world problems and innovate. Through practical international courses, guest lectures, company visits, mentorship, and short-term internships, students acquire essential practical skills.

About GCIE

The Global Centers of Insurance Excellence (GCIE) certification program, initiated by the International Insurance Society (IIS) in 2017, recognizes universities with outstanding risk management and insurance programs. The initiative aims to elevate the importance of risk management education and strengthen connections between academia and the insurance industry. It comprehensively assesses and certifies the development of insurance programs at institutions worldwide.

In 2017, Tsinghua University was among the first 20 universities to receive the initial GCIE designation. The certification is valid for five years and requires renewal thereafter.

In February 2024, under the guidance of the IIS, CCIRM at Tsinghua SEM submitted its re-certification application. In June 2024, the IIS confirmed that Tsinghua University's insurance program once again earned the GCIE certification. The IIS highlighted that the GCIE certification recognizes institutions with exemplary risk management and insurance programs, encouraging them to advance insurance knowledge, enhance research and knowledge capital, and build stronger connections between academia and the insurance industry.

Currently, 36 universities from 11 countries have received the GCIE certification, including international universities such as the University of Wisconsin - Madison, USA; Calgary University, Canada; Bayes Business School (formerly Cass), United Kingdom; University of Leuven, Belgium; and the domestic schools Peking University and Fudan University. The GCIE evaluation criteria focus on the program's influence and innovation, the engagement of faculty and students in the insurance field, student career development, and the management of teaching and curriculum quality.