Lloyd’s, in collaboration with Aon, today published Ukraine: A Conflict That Changed The World, which examines the impact the conflict in Ukraine could have on businesses and the steps they can take to mitigate these risks.

Key findings from the report include:

• In all sectors, the ability of businesses to diversify their portfolios and supply chains to reduce dependence on single suppliers will be key to minimizing risk exposure; 
• The energy sector will likely be the most impacted by the range of risks from the conflict, however energy security and reputational concerns will be a key factor for all sectors in building risk mitigation strategies;
• There will be second order effects from reduced food and energy supplies and higher business costs associated with reshoring supply chains; and
• Escalating geopolitical tensions have triggered a spike in cyber attacks that could impact inflation and market volatility.

Dominic Christian, global chairman of Reinsurance Solutions at Aon, said, "The Ukraine conflict touches us all, both as individuals and businesses. Over time, our world has become increasingly interconnected and geopolitical events further highlight that a specific risk does not exist in isolation. Our ability to manage deeply related and increasingly volatile risks requires careful thought, detailed planning and effective execution. I hope the front-line perspectives contained in this report help businesses understand the universality of the challenges, the ways they may evolve and how they may best navigate them as they make better-informed decisions."

For more information, read the press release and view the report.