Prof. Doutor Eng. Luís António de Castro de Valadares TavaresProf. Doutor Eng. Luís António de Castro de Valadares Tavares
Director do Centro de Investigação em Organizações, Mercados e Gestão Industrial (COMEGI)
Universidade Lusíada


Prof. Doutor Nuno Miguel Simões VenesProf. Doutor Nuno Miguel Simões Venes
Director da Faculdade de Ciências da Economia e da Empresa
Universidade Lusíada


Dr. Nuno Oliveira MatosDr. Nuno Oliveira Matos
Chief Risk Officer
ABARCA – Companhia de Seguros, S.A.

MBA Insurance and Actuarial Science is a professional course pursued by students as a postgraduate course. Actuarial Science is the field of expertise where students are trained to apply mathematical and statistical methods to assess risk in insurance and finance. This course develops advanced understanding among the students pursuing the course, so that they become experts in assessing, predicting and managing the insurance and financial risks for the benefit of insurance companies.

  • Knowledgeable of best practices to solve complex managerial issues, integrating theories and practice to perform strategic analysis in the insurance industry;
  • Become expert in assessing the financial impact of uncertainty, namely of future uncertain events;
  • Increase confidence in financial decision-making process;
  • Improve skills related to the analysis of the past, modelisation of the future, and assessment of the risks involved;
  • Become expert in the financial analysis of insurers;
  • Become expert in the financial and regulatory reporting of insurers.
  • Students shall have solid academic background in Mathematics, Theory of Probabilities and Statistics, which should correspond – as a minimum – to an undergraduate degree in Applied Mathematics, Economics, Management, Finance, Engineering, or similar.
  • Students will need to have at least three years of professional experience in the insurance industry, either in an insurance company or in a professional services firm.
  • Other candidates will need to be previously evaluated in order to assess the adequacy of their academic background and/or skills.  

Postgraduation, as no thesis will be required.

  • Auditing
  • Asset Management
  • Banking
  • Consultancy
  • Pension Funds
  • General Insurance
  • Life and Health Insurance
  • Reinsurance
  • Risk Management
  • Government
  • Academy
  • Actuarial Consultant
  • Actuarial Modeler
  • Appointed Actuary
  • Business Analyst
  • Chief Actuarial Officer
  • Chief Financial Officer
  • Chief Risk Officer
  • Data Analytics
  • IAS 19
  • IFRS 9
  • IFRS 17
  • Management Consultant
  • Risk Analytics
  • Risk Management
The MBA Insurance and Actuarial Science’s syllabus entails some of the most relevant concepts and topics suggested by the Institute and Faculty of Actuaries in the UK as well as accomplishes with a significant part of the academic training requirements for the admission by the Portuguese Institute of Actuaries (IAP) as a member.

1st Semester

Subjects Core Syllabus Available and hours per semester Lecturer
Finance X 1) Capital markets;
2) Basic financial instruments;
3) Derivative financial instruments (hedging strategies and valuation models);
4) Portfolio theory;
5) The cost of capital;
6) Real estate finance.
26 FINANCE (22 hours)
Mestre Maria Luís Albuquerque

Prof. Doutor António Rebelo de Sousa
Applied Actuarial Statistics
X 1) Matrix algebra;
2) Random vectors;
3) Multivariate normal distribution;
4) Manova;
5) Copulas;
6) Ruin theory.
Prof. Doutor Nuno Venes

RISK THEORY (8 hours)

Applied Quantitative Models I
X 1) Multivariate regression;
2) Method of least squares;
3) Heteroscedasticity and autocorrelation;
4) Time series models.
Mestre Hélder Reis
Financial Calculus
X 1) Discounting and compounding;
2) Equation of value;
3) Effective and nominal rates;
4) Continuous rate and force of interest;
5) Financial annuities.
30 Mestre Luís Malcato
Insurance Ecosystem X 1) Insurance ecosystem;
2) Marketing for insurers;
3) Ethics in business.
Mestre Miguel Dias Fernandes

MARKETING (6 hours)
Mestre Rogério Dias

ETHICS (2 hours)
Prof. António Bagão Félix
Financial and Monetary Macroeconomics
X 1) GDP determination models;
2) The monetary aggregates;
3) IS-LM model;
4) International parity relations and the Fisher effect;
5) Determination of forward rates;
6) The yield curve. Interpolation and extrapolation models.
20 Prof. Pedro Passos Coelho

Mestre Maria Luís Albuquerque

Financial and Regulatory Reporting for Insurers I X All IFRS and IFRIC, save for IFRS 9 and IFRS 17. 20 Dr. Nuno Matos
Total 156

2nd Semester

Subjects Core Syllabus Available and hours per semester Lecturer
Actuarial Calculus for Life and Pensions
X 1) Survival models;
2) Life tables and selection;
3) Actuarial annuities;
4) Embedded options;
5) Embedded value analysis;
6) Pension mathematics.
30 Prof. Doutor Filipe Aleman Serrano
Applied Quantitative Models II
X 1) The poisson process;
2) Markov chain and decision process;
3) Bootstrapping simulation;
4) Monte Carlo simulation;
5) Loss reserving.
Prof. Doutor Eng. Luís Valadares Tavares

Risk Analytics, Big Data and Machine Learning
X 1) Neural networks;
2) Regression trees;
3) Telematics data and clustering analysis;
4) Unsupervised learning: clustering, k-means, and hierarchical agglomeration.
20 Eng. Hugo Balseiro Santos
Enterprise Risk Management
X 1) Framework for risk management within an insurance company;
2) Risk categories and classification. The quantitative (quantifiable) and qualitative (non-quantifiable) risks. The ORSA process;
3) Quantitative risk management and assessment models;
4) Extreme scenario analysis;
5) Duration and immunization. The asset-liability management;
6) Micro and macro hedging strategies;
7) Options strategies;
8) Capital management under Solvency II.
30 Prof. Doutor Paulo Martins Silva
Financial and Regulatory Reporting for Insurers II
X 1) IFRS 9;
2) IFRS 17;
3) Regulatory reporting under Solvency II.
24 IFRS 9 (8 hours)
Dr. João Ricardo Gravito

IFRS 17 (12 hours)
Dr. Nuno Matos

Dr. Nuno Matos
Strategic Governance and Management for Insurers
X 1) Decision theory:
    (a) Values, objectives and criteria;
    (b) Utility theory;
    (c) Multicriteria decision analysis and optimisation.
2) Corporate strategy models;
3) Corporate governance models;
4) Insurance taxation;
5) Insurance law and regulations.
Prof. Doutor Eng. Luís Valadares Tavares

STRATEGY (4 hours)
Prof. Doutor Mário Antão

Mestre Miguel Dias Fernandes

Dr. Jorge Figueiredo

Dr. Félix Serrano Sánchez Carrillejo
Dr.a Mafalda Almeida Carvalho
Total 312
  • António José de Castro Bagão Félix
    António holds a BSc in Finance by Instituto Superior de Economia e Gestão. He was Minister of Social Security and Labour in the XV Constitutional Government and Minister of Finance and Public Administration in the XVI Constitutional Government. He also held the positions of Secretary of State for Social Security for the VI, VII and VIII Constitutional Governments, and Secretary of State for Employment and Professional Training for the XI Government. António was vice-governor of Banco de Portugal (1993-1994) and held several management positions in the area of banking and insurance. He has been invited as Full Professor at Universidade Lusíada de Lisboa (from 2005 to 2015), having conducted the disciplines of Public Finance, Social Security Law, and Ethics.
  • António Jorge Duarte Rebelo de Sousa
    António holds a BSc in Economics from Instituto Superior de Economia e Gestão and a PhD in Economics from Universidade Lusíada. He was a Member of the Portuguese Parliament twice (1976-1980 and 1983-1985). He is Chairman of the Board of Directors at SOFID – Financial Institution of Credit, S.A., Chairman of the Advisory Board at the Observatory for Security, Organized Crime and Terrorism, and Chairman of the Benjamin Franklin Institute. António is Full Professor at Universidade Lusíada and Associate Professor with Agregação at the University of Lisbon.
  • Félix Serrano Sánchez Carrillejo
    Félix is currently Managing Director at ABARCA Seguros, and a member of its Executive Committee. Previously to joining ABARCA Seguros, he held senior management roles in some Spanish financial institutions and listed multinational consumer products companies. He holds a five-year BSc in Law and a five-year BSc in Management, both by Universidad Complutense de Madrid.
  • Filipe Alexandre Aleman Ferreira Serrano
    He currently is the Vice-Chairman and a Board Member at Autoridade de Supervisão de Seguros e Fundos de Pensões (ASF). Filipe also represents ASF at the Association of Insurance Supervisors of Latin America (ASSAL). Previously, he was Director at Fidelidade, being responsible for Risk Management Department. Simultaneously, he was a member of the Risk Management, Life Insurance and Pension Fund Technical Commissions at Associação Portuguesa de Seguradores (APS). He was Vice-Chairman and a Board Member of the Portuguese Actuaries Institute from 2003 to 2012, being its representative at several international actuarial forums. He held teaching positions at several universities, namely, Universidade Nova de Lisboa, Instituto Superior de Economia e Gestão, Instituto Superior de Gestão, Universidade Lusófona, Instituto de Formação Bancária, Instituto Superior de Línguas e Administração, among other higher education institutes. He is author of a number of research and opinion articles on the insurance and social security fields. He has a degree in Applied Mathematics to Actuarial Sciences, and a MBA with a specialisation in Finance, both by Instituto Superior de Economia e Gestão. He is PhD in Management with a specialisation in Finance by University of Évora.
  • Hélder Manuel Gomes dos Reis
    He holds a BSc in Economics from Universidade Lusíada de Lisboa and an MSc in Monetary and Financial Economics from Instituto Superior de Economia e Gestão. Currently, he is a consultant to the Civil House of the Presidency of the Portuguese Republic. He also served as Secretary of State for the Budget during the XIX and XX Constitutional Governments, and as Director-General of the Planning, Strategy, Evaluation and International Relations Office (GPEARI) of the Ministry of Finance. Hélder lectures Econometrics at Universidade Lusíada de Lisboa.
  • Hugo Balseiro Santos
    Hugo is Head of Data and Analytics Services at Everis. His field of expertise is Big Data & Analytics, digital transformation, change management, and software solutions to create integrated solutions for the insurance industry. He has vast experience in creating data-driven insurance companies. He lecturers Machine Learning at Instituto Superior Técnico, holding a five-year BSc in Computer Science Engineering from the same school.
  • João Ricardo Gravito
    João is Director in the Assurance Financial Services at PwC. He is responsible for several audits (investment banking, retail and asset management) at PwC. He has extensive experience in consulting on implementation and transition to IFRS 9. João is Statutory Auditor (ROC) in Portugal. He holds a five-year BSc in Management by Nova SBE and a Master in Banking by Universidade Católica Portuguesa.
  • Jorge Figueiredo
    Jorge is the Lead Partner of the Tax Financial Services at PwC. Jorge has vast experience working with national and multinational financial institutions, including insurance companies, on several tax matters, including in international tax structuring, corporate tax, mergers and acquisitions, real estate investment structuring, finance and treasury transactions, taxation of securities and derivative trading, taxation of branches of foreign financial institutions and also on transfer pricing matters. Jorge also led several projects of tax due diligence and tax structuring of transactions in the insurance sector. He holds a five-year BSc in Management by Universidade Católica Portuguesa.
  • Luís Malcato
    Luís is currently Director at Associação Portuguesa de Seguradores (APS), having over twenty-year experience in the insurance industry with particular expertise in investment valuation and management, liability valuation, actuarial management, risk assessment and management, corporate governance, insurance accounting and insurance regulation. Luís is lecturer of actuarial science at Instituto Superior de Ciências do Trabalho e da Empresa and at Nova SBE. He holds a five-year BSc in Economics and a Postgraduation in Tax, both by Instituto Superior de Economia e Gestão. He holds a Master in Finance by Instituto Superior de Ciências do Trabalho e da Empresa.
  • Luís António de Castro de Valadares Tavares
    Luís is Full Professor Emeritus of System and Management, University of Lisbon, IST, Full Professor and Coordinator of the Management Sciences PhD Program of University Lusíada and Director of the Research Center on Organizations, Markets and Industrial Management (COMEGI) of the University Lusíada. He is President of OPET (Observatory of Technology Foresight), President of APMEP (Portuguese Association of Public Markets), Ombudsman of the Portuguese Electric Utility EDP and Scientific Advisor of VORTAL. Previously, he was General Director of Planning Education and Manager of The Education Investment Program (PRODEP) of the Ministry of Education (88-92), President of the Education Committee of OECD (90-92) and President of the Portuguese Institute of Public Administration (INA) (2003-2007). Invited Professor of the Faculty of Economic and Management Sciences of the Portuguese Catholic University and of several foreign Universities. Expert in Decision Sciences, Negotiation and Conflict Management, Project Management, Public Management, Public Markets, Digital Economy and Electronic Public Procurement. He is the author of more than 25 books edited by OPET, INA, Mcgraw-Hill and Kluwer as well as author of more than 50 scientific papers published in international journals. He is Chairman of the Editorial Board of the European Journal of Public Procurement Markets
  • Mafalda Almeida Carvalho
    Mafalda is partner at CCSL Advogados, with over thirteen-year career in top law firms. Her field of expertise is the financial services industry, including complex insurance regulatory matters. She holds a five-year BSc in Law by Universidade Nova de Lisboa, and a Postgraduation in Financial Markets by Instituto de Direito Económico Financeiro e Fiscal.
  • Maria Luís Casanova Morgado Dias de Albuquerque
    Maria Luís holds a BSc in Economics from Universidade Lusíada de Lisboa, and a MSc in Monetary and Financial Economics from Instituto Superior de Economia e Gestão. She was Minister of State and Finance (2013-2015) and Member of the Portuguese Parliament since 2015. She was also elected a member of the Municipal Parliament in Almada in October 2017. She is non-executive director at Arrow Global since March 2016.
  • Mário Alexandre Guerreiro Antão
    Mário holds a BSc in Management and Business Administration by Universidade Lusíada de Lisboa, a MSc in Management, Strategy and Business Development by Instituto Superior de Ciências do Trabalho e da Empresa, and a PhD in Management, with specialisation in Bankruptcy Forecasting and Business Recovery by Universidade Lusíada de Lisboa. He is Assistant Professor at Universidade Lusíada de Lisboa, where he conducts the discipline of Business Strategy at undergraduate and master levels. He was professor and head of the disciplines of Management Models and New Challenges of Management in the PhD in Management at Universidade Lusíada de Lisboa between 2014 and 2019. He coordinates a research area at COMEGI (research center ate Universidade Lusíada de Lisboa). He is member of the Board of Directors of several companies in the Tourism, Energy and Real Estate sectors. He served as a consultant to the World Bank, the Government of Macao and the Regional Government of Madeira. He regularly acts as an expert in legal disputes in the corporate area.
  • Miguel Dias Fernandes
    Miguel is Partner in the Management Consulting Services at PwC. He is expert in accelerating the digital and technology impact in insurance companies. Miguel is a strong advocate of innovation in the insurance industry, leading the InsurTech Incubator Programme at PwC. He holds a five-year BSc in Economics and a MSc in Monetary and Financial Economics, both by Instituto Superior de Economia e Gestão.
  • Nuno Oliveira Matos
    Nuno is currently Chief Risk Officer at ABARCA Seguros, and a member of its Executive Committee. Previously, Nuno led the Actuarial and Risk Services practice at PwC, being responsible for large IFRS 17 assessment and implementation projects. Before re-joining PwC, Nuno had significant international experience in consultancy and audit in the UK, Spain, Dubai and Angola at global leading professional services organisations in a variety of senior management roles. Nuno specialises in IFRS, corporate finance and governance, quantitative risk management, actuarial, Solvency II and insurance regulatory matters. Nuno is often invited as speaker at industry forums and as lecturer at universities on the fields where he specialised. Nuno has a five-year BSc in Management by Lusíada University and attended the Actuarial Science Executive Program at ISEG (Lisbon, Portugal). He is Statutory Auditor (ROC), Chartered Accountant (Contabilista Certificado), Actuary (IAP) and Chartered Economist (Ordem dos Economistas) in Portugal.
  • Nuno Miguel Simões Venes
    He holds a BSc in Economics from Universidade Lusíada de Lisboa. He holds a MSc in Monetary and Financial Economics and a PhD in Economics, both from Instituto Superior de Economia e Gestão. Nuno is currently the Deputy Director of the Faculty of Economics and Business Sciences at Universidade Lusíada, where he also serves as Assistant Professor, and Invited Assistant Professor at the Higher Institute of Police Sciences and Internal Security. He is member of the Scientific and Pedagogical Councils at Universidade Lusíada. He was Vice-President of the Board of Directors of the Social Security Financial Management Institute, I.P. (IGFSS, I.P.). Nuno was the coordinator of the technical assistance mission to Timor-Leste, which established the country’s Social Security system.
  • Paulo Martins Silva
    Paulo is currently the Chief Financial and Risk Officer at Lusitania Seguros, and a member of its Executive Committee. His area of expertise is quantitative risk management in the insurance industry, underpinned by a career of over 25 years in banking, insurance companies and a top investment consulting firm. He holds a five-year BSc in Economics by Universidade Católica Portuguesa, MSc in Finance and PhD in Finance by Instituto Superior de Economia e Gestão. He has a MBA by Universidade Católica Portuguesa. He holds a MSc in Risk Management by NYU Stern School of Business. He is a chartered economist (Ordem dos Economistas), a FRM by GARP and a PRM by PRMIA.
  • Pedro Manuel Mamede Passos Coelho
    Pedro holds a BSc in Economics from Universidade Lusíada de Lisboa. He was Prime Minister of Portugal (2011 to 2015), President of the Social Democratic Party (2010 to 2018) and Member of the Portuguese Parliament (1991-1999 and 2015-2018). He was an executive member of the Board of Directors at Fomentinvest - SGPS, S.A. between 2004 and 2010. He taught Economics at the Instituto Superior de Ciências Educativas (2004 to 2010). He is currently Invited Full Professor both at the Higher Institute of Social and Political Sciences of the University of Lisbon and at Lusíada University. Pedro is also a member of the Deusto Business School Board and at the Spanish think tank “Círculo de Empresários”. 
  • Rogério Dias
    Rogério is the Chief Distribution Officer at Group Tranquilidade / Açoreana / Generali Seguros, and a member of its Executive Committee. He specialised in strategic marketing for insurance companies. He holds a five-year BSc in Management by Lusíada University and a MSc in Marketing by Instituto Superior de Ciências do Trabalho e da Empresa.

  • Blended evaluation between exams passes and case studies problem solving.
  • Monday to Friday: 6 pm to 9 pm.
  • 1 year (312 hours + 48 hours of seminars).
  • The course will be taught in English.
  • Enrollment in the course can be done in person or online.


Inscrição 105,00 €


MBA Insurance and Actuarial Science a) b) - 7.000,00 €
a) Possibilidade de pagamento em duas prestações no valor de 3.605,00 € cada uma: a primeira prestação será paga no acto da Inscrição e a segunda prestação será paga até 30 de Abril de 2021;
b) Possibilidade de pagamento em sete prestações mensais sucessivas, no valor de 1.060,90 € cada uma, a contar da data da inscrição.


Acto Custo
Comparticipação no seguro escolar obrigatório 55,00 €
Certificado de habilitações 77,00 €
Diploma 185,00 €
Programa de unidade curricular 25,00 €
Declaração 10,00 €

Outras normas de pagamento:

  • Os licenciados pelas Universidades Lusíada com primeira inscrição no ano lectivo de 2020/2021 beneficiam de um desconto de 30% sobre o valor da propina. A estes alunos não serão aplicados quaisquer outros descontos;
  • Os docentes da Universidade Lusíada gozam dos benefícios concedidos pela entidade instituidora.
  • Application Form
  • Curriculum vitae
  • Degree certificate (original or certified photocopy)
  • Citizen Card
  • Photo

Instituto Lusíada de Pós-graduações
Universidade Lusíada
Rua da Junqueira, 188-198
1349-001 Lisboa

+351 213 611 532

+351 213 638 307


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