Specialized degrees in insurance management are not common, but there is at least one school in Minnesota which offers such a degree. A specialized degree in insurance management can open up new career options. Insurance is an important business sector and also an important risk-reduction function in industrialized societies. Insurance can help to spread risks across multiple entities and time periods so as to reduce the exposure of any single entity to a significant adverse event. Major types of insurance include life insurance, health insurance, property insurance, car insurance, disability insurance, corporate insurance, and malpractice insurance. Graduates with a degree in insurance management can go on to leadership positions in the insurance field as corporate risk analysts, insurance adjusters, insurance brokers and agents, insurance industry executives, insurance underwriters, actuaries, personal financial planners, or risk managers. Risk management is the identification, assessment, and prioritization of risks from various sources including financial market risk, environmental risk, project failure risk, legal risk, natural causes and disasters, attack from an enemy, and biological risk. Areas of study in an insurance management program can include biased selection, claims administration, contract management, moral hazard, risk management, public policy, statistical analysis, and underwriting.

The University of Minnesota (Twin Cities) programs include business and management bachelors-level degrees through the Carlson School of Management with a major in Finance & Risk Management Insurance.