Leases for Lives

Life Contingent Contracts and the Emergence of Actuarial Science in Eighteenth-Century England

Business & Finance, Economics, Statistics, Nonfiction, Science & Nature, Mathematics
Cover of the book Leases for Lives by David R. Bellhouse, Cambridge University Press
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Author: David R. Bellhouse ISBN: 9781108506144
Publisher: Cambridge University Press Publication: July 14, 2017
Imprint: Cambridge University Press Language: English
Author: David R. Bellhouse
ISBN: 9781108506144
Publisher: Cambridge University Press
Publication: July 14, 2017
Imprint: Cambridge University Press
Language: English

Many historians of insurance have commented on the disconnect between the rise of English life insurance companies in the early eighteenth century and the mathematics behind the sound pricing of life insurance products that was developed at about the same time. Insurance and annuity promoters typically ignored this mathematical work. Bellhouse explores this issue, and shows that the early mathematical work was not motivated by insurance but instead by the fair valuation of life contingent contracts related to property. Even the work of the mathematician James Dodson in the creation of the Equitable Life Assurance Society, offering sound actuarially based premiums, did not change the industry in any significant way. The tipping point was a crisis in 1770 in which the philosopher and mathematician Richard Price, as well as other mathematicians, showed that a dozen or more recently formed annuity societies could not meet their financial obligations and were inviable.

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Many historians of insurance have commented on the disconnect between the rise of English life insurance companies in the early eighteenth century and the mathematics behind the sound pricing of life insurance products that was developed at about the same time. Insurance and annuity promoters typically ignored this mathematical work. Bellhouse explores this issue, and shows that the early mathematical work was not motivated by insurance but instead by the fair valuation of life contingent contracts related to property. Even the work of the mathematician James Dodson in the creation of the Equitable Life Assurance Society, offering sound actuarially based premiums, did not change the industry in any significant way. The tipping point was a crisis in 1770 in which the philosopher and mathematician Richard Price, as well as other mathematicians, showed that a dozen or more recently formed annuity societies could not meet their financial obligations and were inviable.

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