When attempting to describe what an actuary is, people have often described us as "financial bookmakers" or similar. ie, we make bets on uncertain future financial events. Well, it looks like the bookies are starting to move into our territory.
I just heard a story on the radio that a 95 year old man has made a bet with William Hill that he will die before Christmas, with odds of 6-1. If he "wins", he'll get £3000 to cover his funeral costs. This is traditional life assurer territory - the difference is that we don't normally sell policies with a six month term, and we normally wouldn't touch a 95 year old with the proverbial barge pole.
But the bookies clearly work by different rules. Now I have to say, that if an old man came to me and bet that he was going to die, I would be hugely tempted to give him the benefit of the doubt. He knows things about himself. He has the option of going to bed one night and playing the Hold My Breath Until I Die game. He's gonna cark it soon.
I think I'm happy to stay out of this particular market.
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1 comment:
make a side bet with someone then kill him.
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