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, unknowingly coining a space-age catchphrase during the historic Artemis II mission in April. This was NASA’s first crewed Artemis flight, where four astronauts embarked on a 10-day lunar flyby—a major step toward returning humans to the Moon and ultimately paving the way for missions to Mars.
The mission’s riskiest part was the Orion spacecraft’s reentry into the Earth’s atmosphere at more than 30 times the speed of sound, generating temperatures exceeding 5,000 degrees Fahrenheit. After Artemis I, NASA discovered unexpected cracking and erosion in the spacecraft’s heat shield during reentry. The issue raised concerns ahead of the crewed mission. The success of Artemis II therefore depended on whether the spacecraft could withstand those extreme conditions despite the previously identified issues with the heat shield.
NASA likely went to extraordinary lengths to test and prepare for these risks. Yet no amount of preparation eliminates risk entirely. As Artemis II demonstrated, progress often requires moving forward despite uncertainty that cannot be fully removed. The challenge is not to eliminate uncertainty but to understand it, quantify it, and decide when it is acceptable to move forward. The mindset will sound familiar to actuaries.
That balance between uncertainty and progress runs throughout this issue. We examine how actuaries are engaging with risk across time and discipline—from today’s challenges in geopolitics, health care, technology, and global trade to the historical foundations that shaped the profession.
President Tricia Matson and Executive Director William Michalisin set the tone. In “Custodians of Financial Security,” Matson makes the case that actuaries remain vital problem solvers for the 21st century’s financial security challenges. Michalisin emphasizes that as risks become more interconnected and complex, actuaries must continue investing in the knowledge, judgment, and skills needed to meet those challenges. Lifelong learning, he argues, is not simply about qualifications—it is about ensuring the profession remains relevant, trusted, and prepared for whatever comes next.
Our cover story, “Managing Risk in a World of Polycrisis,” explores how actuaries can help insurers and policymakers understand and manage the growing strain created by overlapping geopolitical, climate, and financial risks in an increasingly interconnected world. The article examines how systems thinking and scenario analysis can help actuaries identify the connections among risks that no longer occur in isolation.
Other features explore the implications of the rapid uptake of GLP-1 medications, the potential of artificial intelligence in health insurance, and the economic forces shaping global trade—developments that promise opportunity while introducing new forms of uncertainty.
In “A Look Back: How Insurance Helped Shape America,” we step back to trace how risk and insurance have evolved alongside the United States—a fitting exploration as the nation marks its 250th anniversary. Together, these stories illustrate the expanding range of questions actuaries are being called to address in a world where risk continues to evolve.
Like Artemis II, the work of actuaries often takes place behind the scenes, long before the moment of success. It is guided by preparation, resilience, and the ability to move forward despite uncertainty. Their role is to measure uncertainty, model it, and help decision-makers understand the risks and trade-offs involved. When those efforts succeed—whether in financial security, insurance, or health care—they help create systems and solutions people can rely on. And sometimes, perhaps, even a little moon joy.
On a related note, I’m pleased to share that Contingencies received three 2026 Azbee Awards from the American Society of Business Publication Editors, among the most competitive honors in B2B publishing.
The magazine earned national and regional Silver Awards for Editor’s Note, and the November/December 2025 issue—commemorating the Academy’s 60th anniversary—received a regional Bronze for Cover Design.
Do you have a topic you think deserves coverage? Send us your idea at editor@actuary.org.
Our editorial focus remains the same: helping the actuarial profession bring clarity and context to complexity.
Preeti Vasishtha is editor-in-chief, Contingencies, and the Academy’s director of content.