The following article was published by WTW
The 2026 Political Risk Survey shows risk shifting inward as tariffs, domestic polarization and gray‑zone threats intensify, forcing companies to adapt risk management, insurance and operating models.
Our 9th annual Political Risk Survey reveals a profound shift in how organizations experience, absorb and respond to geopolitical risk and how closely business strategy is now intertwined with government policy.
Political risk comes home
It was the dominant theme in our survey and interview results this year: political risks overseas are challenging to manage; political risks at home are even harder. Political risk has come home for companies in many global regions, for instance in the form of Russian gray-zone attacks on Europe and alarming jolts in Japan’s relationship with China.
75% of respondents reported experiencing a political risk loss, or a credit loss relating to geopolitical events
The share of respondents reporting credit and political risk insurable losses this year from geopolitical causes is second highest in the nine years of the survey. For the third year running, related losses in excess of $250 million rose, and interest in political risk and trade credit insurance as a means of managing geopolitical risk has increased.
Other key findings
Gray-zone aggression – Economic coercion or retaliation, such as official or unofficial sanctions, threats or tariffs, or export embargoes for key commodities was ranked as the greatest gray-zone aggression related area of concern by 61% of firms, the second largest group of respondents. Attacks on infrastructure such as cutting undersea cables, destroying pipelines, disrupting power stations, arson in warehouses and other acts of this nature continue to be the top concern for 65% of respondents.
Companies are preparing for structural change – 39% of companies said they face higher risks because of the policy choices of their home government. More than 80% of firms are either actively preparing for, or considering, a future in which their Eastern and Western operations may need to operate as structurally independent businesses.
Explore the full findings, data and executive insights by downloading the Political Risk Survey Report 2026. We hope you find this year’s edition of our political risk survey insightful and informative, and that the perspectives from our specialist contributors prove as valuable to you as they have to us. Please don’t hesitate to get in touch if you have any questions. Download here.
About the Survey
The annual Political Risk Survey, carried out by Oxford Analytica on behalf of WTW, combines in-depth interviews with a broader survey. There were 57 respondents to the survey and 15 participants in the interview panel. The survey sample is representative of globalized businesses, across geographic regions, industries, and company size.
