The development of friendly societies and life assurance in Australia

1983 ◽  
Vol 110 (3) ◽  
pp. 457-466
Author(s):  
R. Nobbs
Keyword(s):  
Twentieth Century ◽  
Social Policy ◽  
Old Age ◽  
Life Insurance ◽  
Insurance Companies ◽  
Private Institutions ◽  
Mutual Aid ◽  
Life Assurance ◽  
Friendly Societies ◽  
Building Societies

The increasing involvement of Australian governments and people in social welfare and the increasing number of histories appearing in this field, makes it appropriate to recognize the alternate institutions—the mutual-aid bodies. By looking at these private institutions, which began to develop in the nineteenth century, we gain some perspective on the initiatives of government in the twentieth century in social policy in Australia. This paper does not extend to banks, building societies or to other co-operatives, but is restricted to those two institutions, friendly societies and the life insurance companies, which sought to provide for the exigencies of sickness, old-age and death.

V The Verification of Technical Reserves in Non-Life Insurance

1971 ◽  
Vol 20 (01) ◽  
pp. 51-53
Author(s):  
C. M. Stewart
Keyword(s):  
Life Insurance ◽  
Risk Groups ◽  
Insurance Companies ◽  
Life Assurance ◽  
Careful Scrutiny ◽  
Sufficient Detail ◽  
Satisfactory Method ◽  
Claim Frequency ◽  
The Government ◽  
Do So

The reader of this note will know well the method used in the U.K. for the verification of technical reserves (i.e. the net liability) in life assurance. The net liability must be calculated by a qualified actuary and the methods and bases used must be described in sufficient detail in Schedule 4 of The Insurance Companies (Accounts and Forms) Regulations 1968 for their suitability to be apparent from a careful scrutiny of these and the other financial statistics submitted in accordance with the Regulations. As the data are made public, this scrutiny can be made not only by the Government Actuary in advising the supervisory authorities at the Department of Trade and Industry, but also by any other qualified actuary who cares to do so, which is an equally important discipline. Under this system, the maximum freedom can be allowed to the company and its actuary, but there has hitherto been no equally satisfactory method available for the objective scrutiny of non-life technical reserves. However, the new Claim Frequency Analyses and Claim Settlement Analyses prescribed in Parts II and III of Schedule 3 to the 1968 Regulations should go a long way towards remedying this deficiency. These analyses are to be supplied separately for each class of insurance in each of a company's main markets, and separately for such risk groups within each class as the company decides to be appropriate.

scholarly journals On Legislation as to Life Insurance and Life Insurance Companies

1871 ◽  
Vol 16 (2) ◽  
pp. 77-98 ◽  
Author(s):  
T. B. Sprague
Keyword(s):  
United States ◽  
United Kingdom ◽  
Life Insurance ◽  
United States Of America ◽  
The United States ◽  
Insurance Companies ◽  
The Past ◽  
Life Assurance ◽  
The United Kingdom ◽  
The Law

The past session of Parliament has witnessed the passing of an Act for the regulation of Life Assurance Companies in the United Kingdom, which, while introducing great changes in the law, still stops very far short of the system of legislation which has been for several years in operation in a few of the United States of America, and which is warmly approved of and urgently recommended for adoption by some persons in this country. The present may therefore be considered a fitting time for reviewing what has been done and considering whether any further legislation is desirable, and if any, of what nature it should be.

Some Notes on Laws affecting Policies of Life Assurance

1891 ◽  
Vol 29 (5) ◽  
pp. 381-419
Author(s):  
William Kent Lemon
Keyword(s):  
Life Insurance ◽  
Insurance Companies ◽  
Inaugural Address ◽  
Life Assurance ◽  
Legal Questions

In response to the suggestion of our President, in his inaugural address for the present session, I commenced to put together some notes which seemed suitable for a paper to be read before one of the provincial institutes. In this I proposed to deal with some practical legal questions which are encountered by officials engaged in various positions outside the head offices of life insurance companies.

The Actuarial Practices of British Insurance Companies in Peripheral Markets: The Case of Spain (1890–1936)

2015 ◽  
Vol 17 (2) ◽  
pp. 237-264 ◽  
Author(s):  
JERÒNIA PONS PONS ◽  
PABLO GUTIÉRREZ GONZÁLEZ
Keyword(s):  
World War Ii ◽  
Life Insurance ◽  
Statistical Information ◽  
Spanish Population ◽  
Insurance Companies ◽  
World War ◽  
Death Rates ◽  
Foreign Companies ◽  
Spanish Influenza ◽  
Life Assurance

The backwardness of actuarial techniques in Spain and the lack of Spanish mortality tables had a bearing on the development of life insurance in Spain. The actuaries of the domestic and foreign companies operating in this country used other countries’ mortality tables, corrected upwards, to draw up their policies. With actuarial reports from the Gresham Life Assurance Society, established in Spain in the 1890s, the difficulties actuaries had to confront to adjust expectations to Spanish reality can be followed for decades. On the basis of statistical information from 1896 to 1937, a comparison is made between expected and actual death rates. Furthermore, the information from this company enables a comparison with other countries in which it operated (more developed and less developed than Spain) and with the profit and loss results of other domestic and foreign companies operating in the country. Moreover, the problems caused for actuaries by unforeseen events that affected the Spanish population in particular, such as the “Spanish Influenza” or the Civil War, can also be studied. On the basis of this valuable documentation, certain patterns of the difficulties faced by actuaries operating in economically backward countries before World War II can be established.

scholarly journals From Pauperism to Social Policy

1992 ◽  
Vol 37 (3) ◽  
pp. 329-349 ◽  
Author(s):  
Karl H. Metz
Keyword(s):  
Nineteenth Century ◽  
Twentieth Century ◽  
Great Britain ◽  
Social Policy ◽  
Old Age ◽  
Social Existence ◽  
Political Cultures ◽  
Generalized Framework ◽  
History Of

SummaryThe first part of this paper establishes the outlines of social policy in the course of the nineteenth century using Great Britain, Germany and France as examples, with particular emphasis on the differences arising from the varying political cultures of these countries. In the second part the paper attempts to establish comparisons for a generalized framework, also covering developments into the twentieth century. ‘Social policy’ in this instance means all state measures to safeguard the physical and social existence of employed workers on the basis of a criterion of fairness which is derived from their citizenship, it is political in other words. Safety ar work is as much a part of this as protection during illness, old age or unemployment. This study as a whole sets out to achieve some standardizations which will be useful in the analysis of the history of social policy and may also be helpful in the discussion of current socio-political problems.

scholarly journals Social Policy by Other Means? Mutual Aid and the Origins of the Modern Welfare State in Britain During the Nineteenth and Twentieth Centuries

2018 ◽  
Vol 30 (2) ◽  
pp. 202-235 ◽  
Author(s):  
Bernard Harris
Keyword(s):  
Social Policy ◽  
Working Class ◽  
Welfare State ◽  
Mutual Aid ◽  
Class Culture ◽  
State Welfare ◽  
Modern Welfare State ◽  
Nineteenth And Twentieth Centuries ◽  
Friendly Societies ◽  
The Rich

Abstract:During the last twenty years, several writers have drawn attention to the role played by friendly societies and other mutual-aid organizations in the development of Britain’s welfare state. Proponents of mutual aid have argued that these organizations were part of the rich associational culture of working-class life; that they represented a viable alternative to state welfare; and that they were eventually undermined by it. However, this article highlights the challenges that these organizations were already facing toward the end of the nineteenth century as a result of changes in working-class culture and the rise of more commercial insurance agencies. It suggests that the rise of state welfare was not so much a cause of these difficulties as a response to them. It also examines the role that friendly societies played in the expansion of welfare services after 1914 and their attitude to calls for further expansion before 1945.

The effect of size and other economic factors on the expense rate behaviour of UK life insurance companies

1983 ◽  
Vol 110 (2) ◽  
pp. 383-388 ◽  
Author(s):  
P. D. Praetz
Keyword(s):  
Size Effect ◽  
Life Insurance ◽  
Insurance Companies ◽  
Economic Factors ◽  
Relevant Research ◽  
Empirical Results ◽  
Life Assurance ◽  
Control Output ◽  
Rate Behaviour ◽  
Strong Size Effect

This paper finds a strong size effect for the total business of 106 U.K. life companies from the 1981–82 Insurance Directory and Year Book.The industry is regulated by the 1982 Insurance Companies Act which consolidated earlier legislation. This does not control output or prices of firms but many other items including investment. The industry is not highly concentrated with the five largest firms in 1980 with 30% of premiums. In 1980, total ordinary branch premiums amounted to £5.8 billion.Section 2 surveys briefly some relevant research, while §3 discusses the data and size and other economic factors for life assurance firms. Section 4 discusses the empirical results while §5 has a brief conclusion.

Life insurance company takeovers. A Report by a Working Party of the Life Assurance Joint Committee of the Institute of Actuaries and the Faculty of Actuaries, 15 October 1993

1994 ◽  
Vol 121 (1) ◽  
pp. 199-258 ◽  
Author(s):  
E. B. O. Sherlock ◽  
H. W. Froggatt ◽  
N. R. Gillott ◽  
R. M. Harvey ◽  
J. A. Jenkins ◽  
...  
Keyword(s):  
Life Insurance ◽  
Conflicts Of Interest ◽  
Working Party ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Life Assurance ◽  
Guidance Note ◽  
The Way

AbstractThe working party was required to establish what actuarial information is needed by the financial world for the proper evaluation of a bid for a quoted insurance company, and, in the light of these findings, to consider what may be required in the way of guidance to actuaries. The report considers the issuesw hich occur when life insurance companies aresu bject to takeovers and to other changes of ownership. The Takeover Code has many implications in such situations and these are discussed fully, particularly any conflicts of interest and the independence or otherwise of the actuaries involved. The interests of policyholders are considered and advice is proffered to actuaries. A Guidance Note is being issued.

Some Account of the French General and National Life Insurance Companies

1876 ◽  
Vol 19 (06) ◽  
pp. 435-445
Keyword(s):  
Life Insurance ◽  
Preceding Paper ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Life Assurance ◽  
Similar Series ◽  
National Life

M. Philip de Bosredon, Manager of the FrenchGeneralLife Insurance Company, having kindly furnished us with the printed reports of that company for a series of years, and Mr. George W. Kilford having sent us a similar series of reports of the FrenchNational, it appeared to us that a notice of these reports would be of great interest to the readers of theJournalin connection with the preceding paper. We have therefore drawn up the following account of the companies, with the assistance of Mr. J. J. W. Deuchar, of theStandardLife Assurance Company, to whom is due the whole credit of preparing the various statistical tables.—ED.J. I. A.

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