2023 Hachemeister Prize Announced

The 2023 Hachemeister Prize has been awarded to the paper “Ensemble distributional forecasting for insurance loss reserving.”  The Hachemeister Prize is awarded annually to ASTIN Bulletin, ASTIN Colloquium or AFIR Colloquium paper(s) based on several criteria but with emphasis placed on the paper's impact in the actuarial community and its practicality of application.

The Hachemeister Prize committee believes that “Ensemble distributional forecasting for insurance loss reserving” is impactful and valuable for actuaries to read for the following reasons:

• Impact: The committee believes that the proposed method can produce more accurate reserving results than any single method currently prevalent in the industry, and that it may help in reducing modelling uncertainties. Furthermore, the committee believes that the method may be conceptually extended to encourage further research on the topic of ensemble modelling as applicable in other actuarial topics.
• Practicality: The committee believes that the proposed method is conceptually appealing, appears implementable in practice, and is well-tested using well-constructed synthetic datasets. The committee also believes that the results are likely no more opaque to actuaries than what is typically seen in ensemble methods.
• Originality: The committee believes this paper fills a void in the currently available literature by proposing an objective way of combining different reserving models.
• Readability: The committee believes that the paper is structured in a logical manner and clearly breaks down the steps and data structures that are imperative for understanding the methodology.
• Completeness: The paper provides a complete and thorough reference document and links to all datasets and codes used.

Authors have been invited to present their prize-winning paper at the 2023 CAS Annual Meeting in Los Angeles, CA.