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A History of British Actuarial Thought (Paperback, Softcover reprint of the original 1st ed. 2017)
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A History of British Actuarial Thought (Paperback, Softcover reprint of the original 1st ed. 2017)
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In the first book of its kind, Turnbull traces the development and
implementation of actuarial ideas, from the conception of Equitable
Life in the mid-18th century to the start of the 21st century. This
book analyses the historical development of British actuarial
thought in each of its three main practice areas of life assurance,
pensions and general insurance. It discusses how new actuarial
approaches were developed within each practice area, and how these
emerging ideas interacted with each other and were often driven by
common external factors such as shocks in the economic environment,
new intellectual ideas from academia and developments in
technology. A broad range of historically important actuarial
topics are discussed such as the development of the blueprint for
the actuarial management of with-profit business; historical
developments in mortality modelling methods; changes in actuarial
thinking on investment strategy for life and pensions business;
changing perspectives on the objectives and methods for funding
Defined Benefit pensions; the application of risk theory in general
insurance reserving; the adoption of risk-based reserving and the
Guaranteed Annuity Option crisis at the end of the 20th century.
This book also provides an historical overview of some of the most
important external contributions to actuarial thinking: in
particular, the first century or so of modern thinking on
probability and statistics, starting in the 1650s with Pascal and
Fermat; and the developments in the field of financial economics
over the third quarter of the twentieth century. This book
identifies where historical actuarial thought heuristically
anticipated some of the fundamental ideas of modern finance, and
the challenges that the profession wrestled with in reconciling
these ideas with traditional actuarial methods. Actuaries have
played a profoundly influential role in the management of the
United Kingdom's most important long-term financial institutions
over the last two hundred years. This book will be the first to
chart the influence of the actuarial profession to modern day. It
will prove a valuable resource for actuaries, actuarial trainees
and students of actuarial science. It will also be of interest to
academics and professionals in related financial fields such as
accountants, statisticians, economists and investment managers.
General
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