State Insurance Against Invalidity and Old Age—The Actuarial Basis of the Austrian Method

Extract

During the past twenty years or so, State Insurance in one form or other has been steadily extending, and now appears likely to be established on a broad basis in Great Britain. The problems presented by it are very complex and comparatively little understood either as regards nature or consequences, while socio-political pressure compels the use of approximations where complete solutions are unattainable. In particular the statistical bases and actuarial treatment of these great schemes, which affect the well-being of millions, afford great scope for the utilization of the training provided by the Institute of Actuaries and other scientific bodies of like aims.