The Four Sides to Every Story

popular saying goes, “There are two sides to every story.” A variation goes, “There are three sides to every story — yours, theirs, and the truth.” Still another twist, attributed to Rousseau, provides: “There are four sides to every story — your side, their side, the truth, and what really happened.” The latter differentiates between facts we observe and complex realities that underlie them, while also framing stories in the shape of buildings.

Throughout 2025’s Volume 52 AR’s authors told a familiar story — unprecedented disasters, imperfect responses, fraying trust, and public sector intervention. AR presented steps the industry could take to rewrite the story — more effective regulation, product design, communication, and institutional investing. These insights targeted truth as measured in fiscal currency. March 2026’s AR dives deeper into the immeasurable.

It turns out the four-sided building metaphor implicit in Rousseau’s saying has cracks. In this issue, Vanessa Wu, ACAS, illustrates how a 3D-printed wall slab is situated amorphously in a manner analogous to soft serve ice cream. By that view, almost any story could have infinite sides. And when it comes to buildings, stories can be erected quickly and economically — potentially reshaping the dynamics of predict versus prevent.

Either way, buildings contain more substance than wood, concrete, or steel. The empathy we feel when Mother Nature tears things down inclines society to restore what it can, even as the most important things in our lives can never truly be replaced. Such empathy is not always congruent with the reality of disaster propensity. As Cindy Hu, ASA, explores in her AR feature, rebuilding in harm’s way is often the first chapter in the next tragedy.

One microcosm for the structural flaws that leave citizens exposed to danger is flood insurance in the U.S. Improved actuarial precision and a more robust private marketplace have yet to plug critical coverage gaps, as was evident in the aftermath of catastrophic Texas flooding in 2025. In his cover story, DJ Falkson, FCAS, examines the history and future of this public-private partnership. Together Vanessa, Cindy, and DJ provide three windows into a complex reality. Hopefully this gives readers a better view of what lies beneath.