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July/August 2026

Geopolitical, climate, and financial shocks no longer arrive one at a time. This issue shows how systems thinking helps actuaries manage polycrisis, examines the rise of GLP-1 drugs and AI in health insurance, and traces the role of insurance in America's first 250 years.

Features

Managing Risk in a World of Polycrisis

By Rade Musulin, MAAA, ACAS

From extreme weather and cyberattacks to geopolitical conflict and economic volatility, multiple crises are weighing on an increasingly interconnected world. How can actuaries help insurers and policymakers prepare for these risks?

How GLP-1 Drugs Are Shaping Care, Cost, and Coverage

By Kimberly Ferrero

From utilization to mortality assumptions, these medications raise new cost and risk considerations for actuaries and insurers.

AI and the Moral Hazard Problem in Health Insurance

By Xinyi (Cindy) Hu

Health insurance protects against financial risk, but it also shapes how care is used. Artificial intelligence points to a more targeted approach to managing incentives.

A Look Back—How Insurance Helped Shape America

By James Lynch

As the United States celebrates its 250th birthday, key legal decisions, technological breakthroughs, and political battles reveal how insurance evolved alongside the nation itself.

Global Trade and Risk Under Full Employment

By Carlos Fuentes, MAAA, FSA, FCA, MBA, MS

How do global trade dynamics affect risk, investment, and insurance? This article uses the lens of comparative advantage and full employment to explore the economics of trade—and why it matters to actuaries.

Departments

Editor’s Note

Moon Joy

By Preeti Vasishtha

“Copy, moon joy,” a NASA officer in mission control replied after Artemis II commander Reid Wiseman described the lunar surface as “absolutely unbelievable” and “incredible.” The officer captured a fleeting moment of awe,...

President’s Message

Custodians of Financial Security

By Tricia Matson

Actuaries have long served as stewards of financial security—professionals who not only measure risk, but shape systems capable of withstanding it. From the earliest days of social insurance in the United States to today’s evolving geopolitical...

CEO Insights

Continuing Education as a Professional Imperative

By William J. Michalisin

As the actuarial profession continues to evolve, so too must the knowledge, judgment, and capabilities of those who practice within it. Today’s actuaries operate in an environment shaped by rapid technological...

Up To Code—The Classics

Perspectives from the ABCD—Don’t Be ‘That Actuary’

By John Stokesbury

I’ve been in the pension consulting field for over 30 years. Most of the countless actuaries I’ve encountered over the years have exhibited skills and behaviors that I strive to emulate. But others have fallen short...

Policy Compass

International Committee Guides Academy’s Global Engagement

By Ted Gotsch

While the Academy remains the U.S.-focused public policy and professionalism membership association for actuaries, we don’t exist in a vacuum. Remaining aware of the issues and conversations that take place on the...

Member Spotlight

The Look-in-the-Mirror Test for Building Confidence

For life actuary Kaitlin Creighton, MAAA, FSA, CERA, the appeal of the profession began with a childhood fascination with numbers and puzzles. Today, that curiosity drives her thoughtful approach to professional judgment—the “look-in-the-mirror...

Crossword

A-

By Warren Manners

Ready to put your problem-solving skills to the test? Download the crossword puzzle below and see how many clues you can solve. You can also download the answers to the previous crossword.

Cryptic Puzzle

Duplicity

By Tom Toce

The Theme clues all have something in common. These duplicitous clues are presented in a random order. They are not cryptic clues. There are 13 proper nouns among the regular entries. Everything else is playable in Scrabble, except the two-word...

Puzzles

Pencil’s Down

By Josh Feldman

One would logically think that the hole-in-one challenge would have, for once and for all, ended the epic rivalry between Doc and Hoss, but over the past few weeks both rivals continued to challenge themselves in the most interesting of...

The Last Word

We Can Do Better

By Sam Gutterman

The cost of health care in the United States is nearing 20% of gross domestic product; at the same time, our life expectancy is lagging. We can do better! The scope of public health efforts is broad. These efforts include rules for...

Past Issues

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September/October 2026

May/June 2026

March/April 2026

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