Lloyd’s and the rest of the London market underwrite a significant part of the world’s insurance and are a dominating influence on insurance world-wide. This paper looks at the data which is collected primarily for reserving purposes inside the market—-or rather, the paper looks at some new and unusual but very simple ways of looking at that data. Experience is showing that these simple methods are proving to be more powerful aids to underwriters and auditors than was envisaged when they were first invented. They are graphical and hence easy to ‘see’.
Salary scales have been widely used in actuarial literature about pension schemes, but they do not seem to have been developed beyond the idea first introduced by Manly (1901) and used in a series of papers following this. King (1905), Bacon (1907) and M’Lauchlan (1914) discuss the construction of a salary scale from records of individual employees.