The Birth of Actuarial Science and Life Insurance, Pt. 2

Jan 10, 2024

This podcast explores the challenges faced by early insurance companies in the 18th and 19th centuries. It also discusses the origin of actuarial science, the duties of early actuaries, and the contributions of William Morgan. Additionally, it addresses the publication of a more accurate mortality table and the challenges faced by the actuarial sciences and insurance industry in the 20th century.

Ask episode

Chapters

Transcript

Episode notes

Introduction

00:00 • 4min

Age Requirement and Creation of Insurance Tables

04:07 • 7min

The Origin of the Word 'Actuary' and the Duties of Early Actuaries

11:22 • 6min

William Morgan and the Early Years of Actuarial Science

17:21 • 7min

The Birth of Actuarial Science and Life Insurance, Pt. 2

24:28 • 5min

The Historical Growth of Actuarial Science

29:57 • 14min

Multiple Podcast Ads and Sponsors

44:10 • 2min

As life insurance and assurance became more common, companies that offered coverage ran into in problems in the 18th and 19th century. Part 2 also covers how Insurance has been used by gamblers as a grisly amusement.

Research:

Bell, John. “London’s Remembrancer … “ E. Cotes. London. 1665. Accessed online: https://quod.lib.umich.edu/e/eebo2/A27350.0001.001?rgn=main;view=fulltext
Bellhouse, David R. “A New Look at Halley’s Life Table.” Journal of the Royal Statistical Society.” 174, Part 3, pp. 823–832. 2011. https://www.medicine.mcgill.ca/epidemiology/hanley/c609/material/BellhouseHalleyTable2011JRSS.pdf
Bennetts, N., (2019). MORGAN, WILLIAM (1750 - 1833), actuary and scientist. Dictionary of Welsh Biography. Retrieved 22 Dec 2023, from https://biography.wales/article/s12-MORG-WIL-1750
Boyce, Niall. “Bills of Mortality: tracking disease in early modern London.” The Lancet. April 11, 2020. https://doi.org/10.1016/S0140-6736(20)30725-X
Chatfield, Michael and Vangermeersch, Richard, "History of Accounting: An International Encyclopedia" (1996). Individual and Corporate Publications. 168.
https://egrove.olemiss.edu/acct_corp/168
CLARK, GEOFFREY. “Life Insurance in the Society and Culture of London, 1700-75.” Urban History, vol. 24, no. 1, 1997, pp. 17–36. JSTOR, http://www.jstor.org/stable/44612859
de Roover, Florence Edler. “Early Examples of Marine Insurance.” The Journal of Economic History, vol. 5, no. 2, 1945, pp. 172–200. JSTOR, http://www.jstor.org/stable/2114075
Fouse, L. G. “Policy Contracts in Life Insurance.” The Annals of the American Academy of Political and Social Science, vol. 26, 1905, pp. 29–48. JSTOR, http://www.jstor.org/stable/1011003
“James Dodson’s tables of premiums, 1756.” Institute and Faculty of Actuaries. https://www.actuaries.org.uk/learn-and-develop/research-and-knowledge/library-services/historical-collections/archive-equitable-life-assurance-society/highlights-equitable-life-archive/james-dodson-s-tables-premiums-1756
Eggen, Olin Jeuck. "Edmond Halley". Encyclopedia Britannica, 21 Dec. 2023, https://www.britannica.com/biography/Edmond-Halley
Greenwood, Major. “The First Life Table.” Notes and Records of the Royal Society of London. October 31, 1938. Volume 1, Issue 2. https://royalsocietypublishing.org/doi/abs/10.1098/rsnr.1938.0017
Harford, Tim. “What makes gambling wrong but insurance right ?” BBC News. March 20, 2017. https://www.bbc.com/news/business-38905963
Ivry, David A. “Historical Development of Some Basic Life Insurance Terminology.” The Journal of Insurance, vol. 28, no. 3, 1961, pp. 65–69. JSTOR, https://doi.org/10.2307/250376
Lewin, Chris. “The Creation of Actuarial Science.” ZDM – Mathematics Education. 2001. Vol. 33. https://subs.emis.de/journals/ZDM/zdm012i2.pdf
Ogborn, M.E. “The Professional Name of Actuary.” Journal of the Institute of Actuaries. 1956. https://web.archive.org/web/20081217144303/http://www.actuaries.org.uk/__data/assets/pdf_file/0020/25382/0233-0246.pdf
Rose, I. Nelson. “How Insurance Became (Mostly) Not Gambling.” Gaming Law Review and Economics.Nov 2014.864-872.http://doi.org/10.1089/glre.2014.1892
ROWELL, A. H. Journal of the Institute of Actuaries (1886-1994), vol. 88, no. 3, 1962, pp. 387–89. JSTOR, http://www.jstor.org/stable/41139514. Accessed 27 Dec. 2023.
Thomas, R., & Chambers, Ll. G., (1959). PRICE, RICHARD (1723-1791), philosopher. Dictionary of Welsh Biography. Retrieved 27 Dec 2023, from https://biography.wales/article/s-PRIC-RIC-1723
“Actuary Overview.” Best Jobs. U.S. News and World Report. https://money.usnews.com/careers/best-jobs/actuary
Walford, Cornelius. “History of Life Assurance in the United Kingdom.” Journal of the Institute of Actuaries and Assurance Magazine, vol. 25, no. 2, 1885, pp. 114–33. JSTOR, http://www.jstor.org/stable/41135809
Walford, Cornelius. “History of Life Assurance in the United Kingdom (Concluded).” Journal of the Institute of Actuaries (1886-1994), vol. 26, no. 6, 1887, pp. 436–65. JSTOR, http://www.jstor.org/stable/41136141
Whittle, Matt. “How To Become An Actuary: Responsibilities, Practice Areas And Certifications.” Forbes. Nov. 29, 2022. https://www.forbes.com/advisor/education/become-an-actuary/

See omnystudio.com/listener for privacy information.