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first and most productive fields of actuarial work. Almost
every decade, it gets reinvigorated with new techniques
with new implications on pricing and valuations. Even
today, the theory of credibility has several untested
aspects, waiting to be validated.

The statistician can measure confidence intervals, telling
us when we may be 95% correct in our estimation, but
we are rarely so sure of our estimates, or even if we
are, we do not need then need actuaries.

However, the actuaries then tells us to join our confidence
in the data with other information and business
considerations. The credibility theory has come a long
way, from the earliest models of classical through the
convergence of credibility theory with the Bayesian
analysis:
(i) At one time it was considered that the classical

theory and Bayesian-Buhlmann credibility were
competing theories, and the latter would ultimately
replace the older one. Gary Venter, showed that the
two credibility traditions had different objectives,

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