News from Cass Business School

Cass academic awarded actuarial prize by Casualty Actuarial Society

Professor Verrall receives the Variance Award

Wednesday, 7 October, 2009

Richard Verrall, Professor of Actuarial Statistics at Cass Business School, is soon to be presented with the 2007 Variance Award by the Casualty Actuarial Society (CAS), the Actuarial professional body for non-life actuaries in the US which applies actuarial science to property, casualty and similar risk exposures.

The editorial board of Variance, CAS's own publication, awards the Variance Prize for the best paper published in each volume year of the journal. Professor Verrall has been invited to present his paper at the CAS 2009 Annual Meeting, to be held in Boston, Massachusetts next month, where he will also receive his $5,000 prize and an engraved plaque.

Professor Verrall won the award for his paper, Obtaining Predictive Distributions for Reserves Which Incorporate Expert Opinion', which shows how actuaries can include their own expert judgment, using a sound statistical framework, in the reserves set aside to cover claims on policies they have sold.

Professor Verrall commented: "I am delighted to have been awarded this prize by a journal that specifically aims to bring new advances in methodology to a practitioner audience."

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Richard Verrall, Professor of Actuarial Statistics

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