Hostname: page-component-586b7cd67f-2plfb Total loading time: 0 Render date: 2024-12-01T04:35:55.886Z Has data issue: false hasContentIssue false
  • English
  • Français

The Economy, Society and the Actuarial Profession 1856-2006

Published online by Cambridge University Press:  10 June 2011

D. R. F. Simpson
D. R. F. Simpson
Affiliation:
Email: [email protected]
Get access Rights & Permissions [Opens in a new window]

Abstract

The paper identifies two major trends in the economic and social history of the last 150 years, and discusses their effect on the actuarial profession. The major economic trend is globalisation, with which is associated specialisation of function. The major social trend is the gradual collectivisation of society. Neither of these trends has developed monotonically. Both have developed in a ratchet-like movement over time. Globalisation is reflected in the overseas expansion of British life assurance companies up to 1914, followed by an extended period of retrenchment before expansion was resumed in the last quarter of the 20th century. The effect of the collectivisation of society on the actuarial profession has been felt most acutely in an intensification of the regulation of financial services.

Keywords

GlobalisationCollectivisationEconomySocietyActuarial Profession
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 12 , Issue 2 , 01 July 2006 , pp. 395 - 416
Copyright
Copyright © Institute and Faculty of Actuaries 2006

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Angell, N. (1933). The great illusion. Ayer Publishing, London.Google Scholar
Clarkson, R.S. (1996). Financial economics — an investment actuary's viewpoint. British Actuarial Journal, 2, 809–973.Google Scholar
Davidson, A.R. (1956). The history of the Faculty of Actuaries in Scotland. Faculty of Actuaries, Edinburgh.Google Scholar
Daykin, C.D. (1992). The developing role of the Government Actuary's Department in the supervision of insurance. Journal of the Institute of Actuaries, 119, 313–343.Google Scholar
Faculty of Actuaries (1964). Yearbook 1964-65. T.&A. Constable, Edinburgh.Google Scholar
Faculty and Institute of Actuaries (1975). Actuaries and long term insurance business. Guidance Note No 1.Google Scholar
Floud, R. & McCloskey, D. (1994a). The economic history of Britain since 1700, Volume 2: 1860-1939. Cambridge University Press, Cambridge.Google Scholar
Floud, R. & McCloskey, D. (1994b). The economic history of Britain since 1700, Volume 3: 1939-1992. Cambridge University Press, Cambridge.Google Scholar
Forfar, D.O. (1998). History of the development of the actuarial profession and of actuarial thought in Scotland. Transactions of the 26th ICA, 2, 451–479.Google Scholar
Froggatt, H.W. & Iqbal, M. (2002). Smashing with profits business. Paper presented to the Staple Inn Actuarial Society.Google Scholar
Gray, A. (1963). The socialist tradition: Moses To Lenin. Longmans, London.Google Scholar
Institute of Actuaries (1965). Memorandum on professional conduct and practice. London.Google Scholar
Keynes, J.M. (1919). The economic consequences of the peace. Macmillan, London.Google Scholar
Marx, K. (2000). Das kapital. Regnery Publishing, Washington D.C.Google Scholar
Marx, K. & Engels, F. (1955). The communist manifesto. Crofts Classics, New York.Google Scholar
Morris, D. (2004). Review of the actuarial profession: interim assessment. H.M. Treasury, London.Google Scholar
Morris, D. (2005). Review of the actuarial profession: final report. H.M. Treasury, London.Google Scholar
O'Neill, O. (2002). A question of trust. Cambridge University Press, Cambridge.Google Scholar
Penrose, Lord (2004). Report of the Equitable Life inquiry, HC 290, The Stationery Office, London.Google Scholar
Pomery, M.A. (2004). Restoring confidence in long-term savings. Address by the President of the Institute of Actuaries. British Actuarial Journal, 11, 1–39.CrossRefGoogle Scholar
Raynes, H.E. (1948). A history of British insurance. Pitman & Sons, London.Google Scholar
Simpson, D. (2001). Trust in life assurance. Economic Affairs, (March).Google Scholar
The Actuarial Profession (2004). An introduction to the U.K. Actuarial Profession prepared for Sir Derek Morris and his review team.Google Scholar
The Actuarial Profession (2005). Submission by the Actuarial Profession in response to the Morris Review's Interim Assessment.Google Scholar
Tweedie, D. (2004). Education as a cornerstone for twenty-first century accounting. In Seeking the truth in tomorrow's business environment. Institute of Chartered Accountants of Scotland, Edinburgh.Google Scholar