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About

An independent observatory: two risks and where they meet

AlgoPolis studies two risks, and its name carries both: algo, for the algorithm and the model, which serve cyber; polis, the Greek city, root of politics and the field of political risk. Where they meet is the central argument of the house: the war exclusion, the attribution of an attack to a State and the sanction that makes a ransom unlawful are political risk written into a cyber contract.

Around that aim, an applied research observatory on insurance and reinsurance: two articles a week, ten operational tools, a bilingual technical glossary of more than 1,000 terms and an Academy whose largest field is political risk. Risks are read the way a reinsurer reads them: systemic, correlated, and more often than not on a non-proportional basis.

How AlgoPolis began →

Research axes

25

Cyber and political risk

London market clauses set side by side, the cyber war clauses LMA 5564 to 5567 among them.

The two risks we study, and where they meet: the war exclusion, attribution to a State, the act of State, the sanction that makes a ransom unlawful. Where a State decides a cyber claim.

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10 XS 5

Insurance and reinsurance

Four losses in the year, 3, 7, 12 and 22 M EUR: the layer pays 19 M EUR and leaves 7 above it.

Financial lines, program structuring, risk transfer and securitization. How market capacity is built up and, above all, how it is withdrawn.

Read the entry →
Note no.2

Emerging risk and accumulation

2 October 2026. The update depends on two States: the accumulation on one vendor, and the scenario that would hurt a book.

Systemic and correlated risk, single points of failure, climate and cyber scenarios. What turns a run of claims into a market-wide event.

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AI Act

Agentic AI and operational risk

Where a system falls in the EU AI Act, and what follows for the firm that deploys it.

Foundation-model exposure, dependency chains, liability and the new risks of a firm whose decisions are handed over to automation.

Open the tool →
Note no.1

Underwriting and pricing

27 September 2026. The server is in Warsaw: yes, subject to conditions, review set for 27 March 2027.

How a risk becomes a price: selection, segmentation, loading for uncertainty, and what competition does to technical discipline in a soft market.

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IBNR

Reserving and the measurement of uncertainty

Chain ladder, IBNR, Bornhuetter-Ferguson: three practitioner entries on one triangle, worked through in thousands of euros.

Loss development triangles, claims incurred but not reported, long-tailed distributions. What a reserve asserts, and what it cannot know.

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Stay informed

Follow the research

One letter a week. First, the week's underwriting note, when one is published: a dated, argued decision, signed by Paul Bernardski. Then what the observatory published on cyber risk, political risk and insurance. No account, no tracking.

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Contact

For a question or a joint project:

contact@algopolis.eu