Elizur Wright (1804–1885)

Elizur Wright (1804–1885) was an influential American mathematician, abolitionist, and actuary, often regarded as the “father of life insurance” for his pioneering contributions to the industry. Wright is best known for his advocacy of transparency and regulation in the insurance business, particularly in the calculation and disclosure of policy values. 

Key Contributions:

1. **Life Insurance Reform**: Wright introduced the concept of policyholder protections, insisting on the use of accurate actuarial calculations to ensure the solvency of life insurance companies. He developed mathematical formulas to determine the “reserve value” of life insurance policies, ensuring that companies maintained sufficient reserves to meet their obligations.

2. **Regulatory Impact**: His work led to the introduction of regulations requiring life insurance companies to disclose the values of their policies, making it mandatory for companies to maintain reserves that matched their liabilities. These reforms greatly enhanced the integrity and stability of the insurance industry.

3. **Abolitionist Activities**: Beyond his work in insurance, Wright was a dedicated abolitionist who fought against slavery. He was actively involved in the anti-slavery movement, using his skills as a writer and speaker to campaign for the end of slavery in the United States.

4. **Mathematical Innovations**: As an actuary, Wright’s mathematical expertise revolutionized the way life insurance was structured, making it more reliable and accessible. His calculations and methods continue to influence actuarial science today.

5. **Publications and Advocacy**: Wright also wrote extensively on life insurance and social issues, publishing books and articles that promoted his ideas on fairness and social justice in business practices.

Elizur Wright’s legacy is a blend of social activism and technical innovation, with lasting impacts on both the abolitionist movement and the financial stability of the insurance industry.