M92 Certification Exam Guide + Practice Questions Updated 2026

What does BRICS stand for?

Tina is the newly-appointed chief executive officer of an insurance company. She has been tasked with turning the business around to a more profitable concern as it has been experiencing difficult trading conditions.
Tina leads the Board of the company, which comprises the usual executive roles. She realises that a radical shake up of the business is required which, for a time, will require new working regimes and tight deadlines if the new targets set by the Board are to be achieved.
Currently recorded written premiums are £90,000,000 and earned premiums are £95,000,000.
When conducting a benchmarking exercise against similar-sized competitors, it is found that whilst the combined ratio compares favourably, the company’s return on capital employed is significantly lower.
The sales director suggests that the claims function could be outsourced to a specialist-claims handling service provider under the terms of a service level agreement stipulating that compliant standards of service are maintained. In doing so this would free up resources to enable the company to concentrate on core activities and that new business could grow significantly if the current 30-day period of credit given to brokers was extended to 90 days.
What is evidenced by the current levels of written premiums and earned premiums?

The senior managers of an insurance company are reviewing performance against a monthly requirement to have no IT downtime of greater than 30 minutes a quarter. They are reviewing a

Mark is employed as a risk manager in the London office of a large multinational retail group, which is listed on the London Stock Exchange. Mark has some shares in the company. The multinational retailer’s main offices are located in London with subsidiary companies based in New York, Paris, Frankfurt and Dubai.
The London office has arranged to transfer part of the group insurance risk to an insurer, owned by the group, based in Dublin.
The annual accounts of the London office are compiled each year to International Financial Reporting Standards.
On 5 May Mark is on an insider list and learns that the London office is undergoing serious financial issues.
The company is looking to sell off overseas businesses, including the New York office, to release equity.
The London office is a large multi-storey office block purchased using a bank loan. The company have agreed to pay back the loan over the next 15 years.
What scope of risks within risk management is likely to be affected by the London office’s financial issues and the need to sell off the New York office?

What does Return on Equity (ROE) indicate for an insurer?