This year marks a significant anniversary in the history of actuarial science. 175 years ago, at a meeting held in London on Saturday 8 July 1848, a select group of about 50 men who held actuarial posts voted into being ‘The Institute of Actuaries of Great Britain and Ireland’.
The purpose of the new organisation was, briefly, to develop and improve the practice of Life Assurance, educate the public in financial matters, raise the status of actuaries, set uniform standards of practice, and encourage investigation and debate, including monthly ‘Sessional Meetings’ and a specialist library. The Institute was governed by an elected President and Council, and its first Fellows were initially elected. From 1850 the status of Fellow was gained through the passing of a series of examinations
John Finlaison, a government actuary, was elected President from October 1848 to 1860.
In January 1856 a group of Scottish actuaries left the Institute to form the Faculty of Actuaries, which was based in Edinburgh. Although often working collaboratively, the Institute and the Faculty remained separate bodies until they merged in 2010 to form the Institute and Faculty of Actuaries (IFoA).
Over the last 175 years, the IFoA and its predecessor bodies, has enjoyed a long and proud history of being at the forefront of actuarial knowledge and championing the actuarial profession, both in the UK and globally.
Throughout the rest of the year, the IFoA will be marking some of the landmark events in our history.
To get things started, the July issue of The Actuary will contain a special anniversary article drawing on the IFoA’s archives.
