What’s your real exposure to a failure you can’t currently see?
Underneath an insured asset, fleet 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, the same titanium source, the same engine 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 aviation or aerospace underwriter.
The correlation you’re not pricing is now visible.
USGS confirmed on 5 February 2026 that the largest aerospace-titanium source sits under a US denial policy against a heavily concentrated world supply, and RTX guided in its Q1 2026 results (21 April 2026) to roughly 800 geared-turbofan shop visits across 2026. The same few sources and shops sit under many of the assets and fleets you price separately — the correlation the public record can now show you. See what changed →