Want to be an actuary? Odds are, you’ll fail the test
In this [1] interview by Barry Ritholtz, Markel CEO essentially told the origin story of an insurance giant. Basically a family member was a lawmaker, passed a law that drivers of the newly invented cars (maybe horse buggies?) must be insured. They simultaneously started a company that sold insurance. Over time they learned to make money from investing their customers capital.<p>It blew my mind at how candid he was about the fact that his business exists due to regulatory mandates. Are there insurance products that people are really satisfied with and trust will pay out in case of event X? I feel like I’m self insuring when it comes to car and healthcare at least. Title insurance when buying a house also seemed like a total “legally required” joke.<p>[1] <a href="https:&#x2F;&#x2F;ritholtz.com&#x2F;2021&#x2F;11&#x2F;transcript-thomas-gayner&#x2F;" rel="nofollow">https:&#x2F;&#x2F;ritholtz.com&#x2F;2021&#x2F;11&#x2F;transcript-thomas-gayner&#x2F;</a>