Annals, Anecdotes and Legends: A Chronicle of Life Assurance — John Shaqi
Annals, Anecdotes and Legends: A Chronicle of Life AssuranceFrancis, John, of the Bank of England
History
Annals, Anecdotes and Legends: A Chronicle of Life Assurance
Francis, John, of the Bank of England
Life insurance
be the case ordinarily, such was not the view with which a citizen of
London, by name John Graunt, thought they should be regarded. This
man was the author of the first English work on the subject, entitled
“Natural and Political Observations on the Bills of Mortality.” Little
is known of his antecedents, save that he was the son of one Henry
Graunt of Lancaster, that he was born in “Birching Lane,” and that he
had the ordinary education granted to the sons of tradesmen. He came
early into business, passed through the chief offices of his ward with
reputation, and became captain and major of the train-bands, when such
an office involved danger as well as honour.
All that has hitherto been said of Graunt might be said of many. But
Graunt’s genius was far from being confined within these limits.
It shone through all the disadvantages of mean birth and doubtful
breeding. It broke down the barriers of rank and the limits of
position, and gave him the first thought of a design, which was
the earliest movement in economical arithmetic, and the closest
approximation to the data on which life assurance is founded.
The exact time is not known when he began to collect and to consider
the Bills of Mortality; but he says his thoughts had been turned
that way for several years, before he had any design of recording
certain notions he had formed. Until he published his volume, a more
than Egyptian darkness was on the eyes of the people, and he had to
combat some very singular notions. Among others, that London was to be
reckoned by millions, that the proportion of women to men was three
to one, and that in twenty-six years the population had increased two
millions. “Men of great experience in this city talk seldom under
millions of people to be in London.” To grapple with these and similar
errors was Graunt’s object; and it is easy to comprehend, that his
readers rebelled against assertions which lowered the pretensions of
their favourite city. It is probable that he made some enemies by his
book; as when the fire of London occurred, he was accused of having
gone to the reservoir of the New River Company, and of cutting off
the supply of water. As, however, he had changed, or was on the point
of changing his creed from puritanism to papistry, and the papists
had the credit of originating the fire; the accusation was possibly
a party one, and is of little importance now. It is with his work on
the population we have to deal, and this, which contained “a new and
accurate thesis of policy, built on a more certain reasoning than had
yet been adopted,” was first published in 1664; meeting with such an
extraordinary reception that another edition was called for in the
following year, the book being spoken of wherever books then made
their way. It formed a taste for these studies among thinking men; and
the fact is greatly to the author’s credit, that he made a bold, if
fruitless, attempt to deduce the law of life from bills of mortality
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