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1、第九讲 国际精算发展史精算学导论讲义精算学的历史Actuarial HistoryBy Chris Lewin14 June 200The Institute of Actuaries In 1848 the actuaries of a number of life assurance companies established the Institute of Actuaries.Its objects were stated to be the development and improvement of the mathematical theories upon which the
2、practice of life insurance is based,and the collection and arrangement of data connected with the subjects of duration of life,health and finance.The Institute of ActuariesAnother object was the improvement and diffusion of knowledge,and the establishment of correct principles relating to subjects i
3、nvolving monetary considerations and probability.Thus even so long ago,the Institutes objectives were by no means confined to life assurance.It was clearly envisaged that actuarial science would have wider applications,as has proved to be the case.The Faculty of Actuaries In 1856 the Scots in the In
4、stitute decided to form the Faculty of Actuaries in Scotland and that body remains the Scottish counterpart of the Institute to this day.The Faculty was,in fact,first to receive the honour of being incorporated by Royal Charter in 1868;the Institute became a chartered body in 1884.For many years,how
5、ever,the two legally separate bodies have worked as one supporting the UK actuarial profession.The Groupe Consultatif actuariel europeen The Groupe was established in 1978 to bring together the actuarial associations in the European Union to represent the actuarial profession in discussion with the
6、European Union institutions on existing and proposed EU legislation which has an impact on the profession.The Groupe also now provides a forum for discussion amongst all actuarial associations throughout Europe.Thirty-five actuarial associations from thirty-two European countries are represented on
7、the Groupe.The Institute of Actuaries of Australia The Institute of Actuaries of Australia has a heritage which dates back to 1897.In that year,the Actuarial Society of New South Wales was formed.The inaugural meeting of seventeen members took place in Sydney on 19 October 1897.Prior to this date a
8、handful of actuaries had been involved in helping establish and manage several important financial institutions in the colonies of New South Wales and Victoria.The Institute of Actuaries of Australia Initially,actuaries served the public interest by helping to ensure the soundness of life insurance
9、offices and friendly societies and acting as arbiters of equity in life company bonus distributions.Actuarial fields of activity broadened following the second world war to include superannuation,investment,and,from the 1970s,general insurance.The Institute of Actuaries of Australia By 1919,actuarie
10、s resident in other States and New Zealand had joined the the Actuarial Society of New South Wales and the name was changed to the Actuarial Society of Australasia.The Society published its first bulletin in 1945 and the first of the now-biennial conventions was held in 1953.The Institute of Actuari
11、es of Australia Further name changes occurred up to 1963 when The Institute of Actuaries of Australia and New Zealand was incorporated.When New Zealand actuaries formed their own society in 1977,the name changed to The Institute of Actuaries of Australia.The Institute of Actuaries of AustraliaThe In
12、stitute was instrumental in the introduction of actuarial education at Macquarie University in 1968(prior to this,Australian actuaries had to pass UK final examinations in order to qualify).The introduction of Australian Fellowship examinations in 1980 marked a new maturity for the profession in thi
13、s country.The Institute of Actuaries of AustraliaAs part of the worldwide actuarial profession,the Institute maintains regular contact with overseas actuarial associations.In particular,the current examination system ensures close links with the Faculty and Institute of Actuaries(Edinburgh&London).C
14、asualty Actuarial AssociationIn the early 1900s in the United States,problems requiring actuarial treatment were emerging in sickness,disability,and casualty insurance-particularly in workers compensation,which was introduced in 1911.The differences between the new problems and those of traditional
15、life insurance led to the organization in 1914 of the Casualty Actuarial and Statistical Society of America,with 97 charter members of the grade of Fellow.Dr.I.M.Rubinow,who was responsible for the Societys formation,became its first president.The Society adopted its present name in 1921.Casualty Ac
16、tuarial AssociationSince the problems of workers compensation were the most urgent,many members played a leading part in developing the scientific basis for that line of insurance.From its inception the Society has grown constantly,not only in membership,but also in range of interest and in scientif
17、ic and related contributions to all lines of insurance other than life,including automobile,fire,homeowners,commercial multiple peril,and others.Casualty Actuarial AssociationMembershipThe more than 4,849 members of the Society are employed by insurance companies,educational institutions,ratemaking
18、organizations,state insurance departments,the federal government,and independent consulting firms.Casualty Actuarial AssociationThe Society has two grades of credentialed members:Fellows,who are the voting members,and Associates.Both grades are achieved by successful completion of a series of compre
19、hensive examinations.A class of CAS membership,Affiliate,serves qualified actuaries who practice in the general insurance field but do not meet the qualifications to become an Associate or Fellow.Casualty Actuarial AssociationAn Academic Correspondent program is available for nonmembers who are invo
20、lved in teaching actuarial science,mathematics,economics,business or related courses and have an interest in the CAS.Other interested nonmembers may enroll in the Subscriber Program.Correspondents and subscribers receive all CAS publications and may attend meetings and seminars.There are 3 CAS Speci
21、al Interest Sections and 15 CAS Regional Affiliates.Society of ActuariesIn 1889 the total actuarial population on this continent numbered between 80 and 100 persons.Five of these-four company actuaries and one consulting actuaryhaving decided amongst themselves to create an organization,invited sele
22、cted others to become charter members.The initial complement of the Actuarial Society of America was 38.Society of ActuariesOf the actuaries not so invited,those omitted because they were not chief actuaries of wellestablished companies were in most cases elected during the next five years.Invitatio
23、ns never were,however,extended to a group of about 25 actuaries,some of marked distinction within the profession,who had moved into general management posts or had retired from active work.This seems unfortunate,depriving the young Society of the ideas that those experienced heads would have contrib
24、uted.Society of ActuariesThe professions heritage in North America,then of about 80 years duration,had been built upon European foundations dating back to the establishment of probability theory in the midseventeenth century,to Edmond Halleys 1693 mortality table,to James Dodsons pioneer work on the
25、 level premium system that led to formation of the Society for Equitable Assurances on Lives and Survivorship in London in 1762,and to Richard Prices textbook on life contingencies first published in 1771.1 Society of ActuariesThe first company actuary to practice in North America was Jacob Shoemake
26、r of Philadelphia,a key organizer in 1809 of the Pennsylvania Company for Insurances on Lives and Granting Annuities who chose to be that companys actuary rather than its president.A pioneer of whom the profession may be proud,he was a student of the British experiences of the prior halfcentury and
27、a practical businessman.Society of ActuariesOther life companies soon followed in the Pennsylvania Companys footsteps,notably,the Massachusetts Hospital Life in Boston,1823(Nathaniel Bowditch,actuary)and the New York Life and Trust Company,1830(William Bard,president and actuary).But volume of busin
28、ess was small until mutual life insurance on this continent was born in the 1840s,its progenitors being the Mutual Life of New York(Charles Gill,actuary)and the New England Mutual in Boston(Elizur Wright,actuary).Gill and Wright were actuaries of great distinction,the latters fame coming through his
29、 establishment,while he was Massachusetts insurance commissioner,of abiding standards of life company solvency and of fairness to withdrawing policyholders.The earliest consulting actuary was John F.Entz,who practiced in New York City between 1840 and his death in 1872.Society of ActuariesFormation
30、of an actuarial organization was seriously considered in 1867Elizur Wright had suggested it in 1859,eleven years after the Institute of Actuaries had started in Londonbut that attempt foundered,apparently on the rocks of professional mistrust and secretiveness.Life insurance itself was going through
31、 difficult times;its reputation had suffered so deeply from company failures and extravagances that the public in the United States turned in large numbers to the lure of assessment insurance.In Canada,on the other hand,life insurance was in excellent repute;credit for this belongs in large measure
32、to two actuaries:Hugh C.Baker,who founded the Canada Life in 1847,and John B.Cherriman,Canadas Superintendent of Insurance from 1875 to 1885.Society of ActuariesThe Actuarial Society of America came into being at the Astor House in New York City on April 25 and 26,1889.The moving spirit behind the a
33、rrangements and format was the consulting actuary,David Parks Fackler,a man of great ability and dedication,who later succeeded Sheppard Homans in the presidential chair;the proceedings were marked by mutual respect and great care to avoid recurrence of past conflicts.A journal,the Transactions,was
34、instituted immediately;soon afterwards the members chose Ruskins facts for appearances pronouncement over a host of other suggestions to be their motto.Society of ActuariesThe growth by 20year periods of what 60 years later was to become the Society of Actuaries is shown in the table below.Fellows A
35、ssociates Total Growth Rate 1889 Charter Members 38 38 1909 End of Year 176 107 283 10.6%1929 End of Year 362 256 618 4.0 1949 Merger,June 3 642*427 1,069 2.8 1969 December 1 1,888 1,656 3,544 6.2 1989 September 1 6,241 5,443 11,784 6.1 1995 November 3 7,748 9,194 16,942 6.2Society of Actuariesgrowt
36、h Growth rates shown are annual compound rates.The numbers of members in 1909 and 1929 include members of the Actuarial Society and the American Institute of Actuaries with duplications removed.The corresponding growth rate during the two years 1990 and 1991 was 6.9 percent.The average rates in the
37、era of the present Society have been consistently above 6 percent per annum,sharply higher than the experience of preceding periods.This contrast reflects the determination of the leadership starting in the 1950s to achieve growth rates high enough to meet perceived needs for actuaries.Society of Ac
38、tuariesIn 1896,after some hesitation,an examination system was adopted;the first Fellow by examination qualified in 1900.For some years the examinations were viewed purely as tests of professional qualification,but in the second decade of this century their educational value came to be appreciated;s
39、teps were taken to provide textbooks and lectures.2 Society of ActuariesWhen some European actuaries launched an international organization in 1895,the North Americans were supporters from the outset;the Fourth International Congress convened in New York in 1903.Another item of special interest was
40、election of the first woman member of the Actuarial Society,Emma Warren Cushman of Boston,also in 1895.Society of ActuariesIn the short period of seven years between 1909 and 1916,the number of North American actuarial bodies jumped from one to four.In 1909,actuaries of young life companies in the m
41、idwestern and southern United States organized the American Institute of Actuaries with headquarters in Chicago.In 1914 the actuaries and statisticians of United States property and liability companies formed what became the Casualty Actuarial Society to meet their own professional needs.And in 1916
42、 actuaries of fraternal societies created the Fraternal Actuarial Association.The resulting organizational proliferation,although somewhat contained by the 1949 merger of the two life actuarial bodies and the voluntary dissolution of the fraternal body in 1980,has defied consolidation efforts of rec
43、ent years;new perceived needs have more than offset these changes.3 Society of ActuariesDuring the first half of the twentieth century,actuaries learned to cope with many new circumstances,notably introduction of group insurance,actuarial involvement in pensions,World War I,the influenza pandemic of
44、 1918,severe financial problems with income disability and annuity coverages,the great depression of the 1930s,social security,World War II,and the advent of computers.Actuaries experiences with these contain many lessons of value even today.Society of ActuariesActuarial expertise in the pension fie
45、ld owes its beginnings to two early specialistsGeorge A.Huggins(18811959)in Philadelphia and George B.Buck(18911961)in New York City.Huggins,who never joined any of the actuarial bodies,4 established himself as the ranking authority of his era on clergy pensions;his work is documented as far back as
46、 1904.Buck gave greatly needed guidance to New York City authorities on municipal pension systems.Gradually after that other actuaries formed consulting firms to serve private and governmental pension plans.Society of ActuariesIn the quartercentury from the late 1930s(when the United States social s
47、ecurity system was new on the scene)to the early 1960s when studies of pension plan structure,investment of pension reserves and broad questions of terminology and concepts of soundness had been explored in depth,the pension segment of the actuarial profession reached maturity.One consequence was an
48、 immense increase(which has continued since)in the proportion of Society members practicing in the actuarial consulting field.Society of ActuariesAnother field that has shown major expansion and evolution has been that of health insurance,both individual and group.Despite heavily adverse experience
49、with disability benefits incorporated into individual life policies in the second and third decades of the twentieth century,major life companies led the way in issuing modern health insurance policies in the 1950s;the Society of Actuaries responded by bringing health insurance into its educational
50、curriculum and publishing a series of texts,the first in 1956,the latest in 1988.Society of ActuariesThe 1949 merger that created the Society of Actuaries was the inevitable consequence of steadily greater membership overlap and jointly conducted activities,particularly in the educational areas.The