If one were to ask a German who Dr Georg Heubeck is, one would probably find that only a few actually know. However, this particular individual has played and continues to play a significant role in the lives of many Germans today.
After obtaining his doctorate in applied mathematics, Dr Heubeck began his career as an actuary in Leipzig. In 1946, he established his own company, Büro Dr. Heubeck, where he began his pioneering work in the field of actuarial science. Indeed, Dr Heubeck is considered as a renowned figure in his field since he established the famous “Heubeck-Richttafeln”, also known as the “Heubeck mortality tables” in English. These tables serve as a calculation method for pension schemes in Germany, using a multitude of factors such as gender and age. As a result, the tables have enabled most German companies to determine the life expectancy of their employees and the amount of cash reserves needed for old age pensions.
Dr Heubeck’s son, Klaus Heubeck, has continued to polish the work of his late father: for instance, the “2005 G mortality tables” were another recent innovation, as an employee’s birth date is now used as an additional value in this calculation.
Today, Heubeck’s mortality tables are widely used to calculate pension liabilities in Germany. It is nearly impossible to find a German company that does not refer to the work of Dr Heubeck in its annual report.
In other words, we can all be grateful for Dr Heubeck’s contribution to more realistic pension forecasts at companies based in this economic powerhouse.