Defence · price the exposure
What’s your real exposure to a failure you can’t currently see?
Underneath an insured programme, several risks you’re pricing separately can resolve to one shared single point — so one event lands across the whole book at once.
Settled as the Underwriting Evidence PackThe exposure
A book priced risk-by-risk assumes the risks are independent. Often they aren’t: the same sub-tier supplier sits underneath several of them, counted as separate exposures when a single failure would trigger them together. Descriptive exposure, never a forecast.
What the Underwriting Evidence Pack settles
The concentration the book is pricing as separate risks.
What’s the real concentration under the risk?
The shared single point counted as separate exposures when one failure would trigger them together.
Where can’t current diligence see?
The boundary between what the file establishes and what only judgement can — named, not assumed.
How sure are we?
Each finding graded against the published standard — descriptive exposure, never a forecast.
Typical reader: a specialty or political-risk underwriter.
Why now
The correlation you’re not pricing is now visible.
Official reviews put the sub-tier concentration on the record, and defence is now the dominant target of ownership screening. The correlation you’re not pricing is the one the public record can now show you. See what changed →