According to a report by Lloyd’s, the global economy could incur losses totaling $14.5 trillion within five years due to potential geopolitical conflicts disrupting trade and supply chains. The analysis highlights the vital importance of maritime trade, which accounts for over 80% of the world’s imports and exports. Regions heavily reliant on global supply, particularly Europe with its dependence on semiconductor imports, could face significant economic impacts. The report advises businesses to implement risk management strategies and consider various forms of insurance to mitigate these potential losses.
