Leases for Lives: Life Contingent Contracts and the Emergence of Actuarial Science in Eighteenth-Century...

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David R. Bellhouse (University of Western Ontario)

Leases for Lives

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

David R. Bellhouse (University of Western Ontario)

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English

Cambridge University Press
14 July 2017

Economic statistics; Economic history; Insurance & actuarial studies

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.

By: David R. Bellhouse (University of Western Ontario)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Dimensions: Height: 235mm, Width: 157mm, Spine: 20mm
Weight: 540g
ISBN: 9781107111769
ISBN 10: 1107111765
Pages: 270
Publication Date: 14 July 2017
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Preface; 1. Introduction; 2. Mathematics and property in the seventeenth century; 3. Edmond Halley's life table; 4. Halley's impact or lack of it; 5. De Moivre and his early influence; 6. Mathematicians as consultants; 7. Mathematicians and early life insurance companies; 8. The annuity bubble of the 1760s and 70s; 9. The after shocks of the bubble on life annuities; 10. Developments in the life insurance industry in the later eighteenth century; 11. A return to roots; 12. Conclusion; Appendix I. Technical appendix; Appendix II. Life tables; Endnotes; Bibliography; Index.

David R. Bellhouse holds degrees in actuarial science and in statistics. He has been at the University of Western Ontario for more than forty years, where he now is Professor Emeritus. He has published extensively in the history of probability, statistics, and actuarial science, and has recently published a major biography of Abraham De Moivre. Bellhouse is a fellow of the American Statistical Association and has served as President of the Statistical Society of Canada. He is a recipient of the University of Western Ontario's Gold Medal for Excellence in Teaching, and recently received the University of Manitoba Faculty of Science Honoured Alumni Award.

Reviews for Leases for Lives: Life Contingent Contracts and the Emergence of Actuarial Science in Eighteenth-Century England

'This is a distinctive work of scholarship, visiting ground that has never been as thoroughly subjected to such deep and expert examination. Bellhouse is especially knowledgeable about early English probability and its milieu, and about actuarial science. There is no one comparable in this combination of skills, and he is a master of the relevant archives as well.' Stephen Stigler, University of Chicago 'Bellhouse has surveyed a relatively neglected but important literature in the development of probability and statistics. The book is written with care and meticulous attention to detail, and the results are particularly interesting.' Sandy Zabell, Northwestern University 'Bellhouse (statistics, Univ. of Western Ontario) has produced a one-of-a-kind history of actuarial science in 18th-century England ... All collections serving actuarial, history of science, and English history scholarship should have this informative, fascinating book. Summing Up: Recommended.' W. R. Lee, Choice 'This is a distinctive work of scholarship, visiting ground that has never been as thoroughly subjected to such deep and expert examination. Bellhouse is especially knowledgeable about early English probability and its milieu, and about actuarial science. There is no one comparable in this combination of skills, and he is a master of the relevant archives as well.' Stephen Stigler, University of Chicago 'Bellhouse has surveyed a relatively neglected but important literature in the development of probability and statistics. The book is written with care and meticulous attention to detail, and the results are particularly interesting.' Sandy Zabell, Northwestern University 'Bellhouse (statistics, Univ. of Western Ontario) has produced a one-of-a-kind history of actuarial science in 18th-century England ... All collections serving actuarial, history of science, and English history scholarship should have this informative, fascinating book. Summing Up: Recommended.' W. R. Lee, Choice