Research On The Development Of British Life Insurance Industry In The 19th Century

The modern life insurance industry in British was formed in the 18th century and entered a stage of rapid development in the 1920s.In the 19th century,the industrial revolution promoted economic and social development,stimulated new consumer demand and promoted the development of British life insurance industry.The national economic policy transitioned from mercantilism to liberalism,and liberal capitalism entered the heyday stage,creating conditions for the development of life insurance industry.And the life insurance industry catered to people’s economic and value needs.The combined effect of these factors made people know more and more about life insurance and have greater and greater demand.Finally,under the joint action of its own development needs and the background of the times,the British life insurance industry had entered a stage of rapid development in the 19th century.In the 19th century,the British life insurance industry developed rapidly,mainly in four aspects:the perfection of the company’s organizational form,the improvement of product marketing,the reform of actuarial technology and the innovation of medical examination.In this development process,the British life insurance industry showed new characteristics,including the expansion of the life insurance market,which had expanded from London to other parts of British and even abroad.The spread of life insurance was hierarchical.First,the middle class was the main body of life insurance consumption,and then the working class has become an important driving force of life insurance consumption.Legislative supervision of life insurance companies,from the tentative supervision of speculative life insurance companies to the introduction of specialized life insurance act.In addition,the gradual reduction of the insurance threshold of life insurance companies,including the expansion of insurance coverage and the reduction of premium amount.It can be seen that the development of British life insurance industry in the 19th century was not an isolated process,but closely related to economic and social.The expansion of the life insurance market increased the income of the insurance industry itself,and the reinvestment of life insurance capital promoted the capital circulation and market operation.The life insurance industry not only played a basic role in protecting the insured beneficiaries,but also conducive to health protection.As the pioneer of the insurance industry,the experience and lessons in the development of British life insurance industry in the 19th century provided reference and reflection for other countries.