What’s your real exposure to a failure you can’t currently see?
Underneath an insured asset or 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 PackA 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. A descriptive read of the concentration — never a forecast, and never a market, price or return call.
The concentration the book is pricing as separate risks.
Typical reader: an energy or specialty underwriter.
The correlation you’re not pricing is now visible.
RIIO-3’s £28bn allowance (4 December 2025) and some 14.7 GW of CfD contracts (January–February 2026) now sit against IEA-reported (25 February 2025) supplier concentration and four-to-five-plus-year transformer and HVDC-cable lead times. The same few top-tier suppliers sit under many of the assets you price separately — the correlation the public record can now show you. See what changed →