Reply to the commentary by Berry-Stölzle and Born

Abstract

This comment by T. Berry-Stolzle and P. Born does not refer to an article, but (1) to a summary of a talk published in German language in a conference proceeding and (2) to an unpublished working paper. We acknowledge the comment and find it important to give the works of Berry-Stolzle and Born the necessary credit. Clearly, the unpublished working paper by Berry-Stolzle and Born and the dissertation thesis of Berry-Stolzle have a relation to our working paper and the talk we gave at the annual congress of the German Insurance Science Association. It will thus be integrated in a revised version of the working paper. However, what we need to reject is the critique that we blatantly ignored their work. We have indicated that we have not knowingly ignored their work in two phone calls with the authors after receiving their comment and both have accepted this point. We thus regret to read this critique in this comment.