J. M. Keynes and Life Insurance Companies

[Policyholder@xxxxxxx]

Sirs:
    I am not sure this message will get thru, but I would like to talk about
Keynes, his  economic observations and how they  may relate to the basic
functions of life insurance companies as institutions. Keynes was the
chairman of an insurance company and may have used his and other companies in
the same business as models for his observations.  I am not sure how many
insurance companies were in the U.K. in the 1920's, but until recent
conglomerations some 1,900 existed in the U.S.
    These major institutions, not counting lawyers and such,
might be seen to have four major functions.  One is the actuarial, which
attempts to predict risk, a science in itself.  A second is the payment of
claims, demanding a large number of employees, whose numbers will grow if the
actuaries are correct.  A third is the marketing department, which, if Keynes
is correct, helps reduce  consumption and therefore inflation by encouraging
personal investment.  And the fourth is insurance investments encouraging
employment.   Insurance companies have historically separated the marketing
function from the others.  Most of the time they have been seen as "passive"
investors.
    Has any one else with knowledge of Keynes noticed this relationship?
                                                        Sincerely,
Policyholder