Ratemaking for Fire Insurance. [Discussion]

I can think of few more conflicting emotions of a professional sort than the feelings of an actuary with an essentially casualty training on first being introduced to the rituals of fire ratemaking. His whole background, built on an often complicated and yet reasonably systematized base, has left him inadequately prepared for the deceptive simplicity of the design for fire rates laid before him. Probably he will be, as was this reviewer not too long ago, quite unable to decide whether he is viewing the record of a successful old professional which it might pay him to emulate, or whether what he sees is an anachronism which has thrived on luck and lack of vigorous opposition.