Political risk exposures are increasing owing to heightened geopolitical concerns, according to a survey by Willis Towers Watson PLC and Oxford, England-based Oxford Analytica released Monday.

The annual Political Risk Survey by the two entities found that 55% of global organizations with revenue greater than $1 billion experienced at least one political risk loss exceeding $100 million in value between September 2017 and July 2018, the month the survey was taken.

The survey also found that that the political risk implications of emerging market economic crises are increasing, reflecting the market reaction to a flare-up in emerging markets — most notably in countries such as Turkey and Argentina, according to a statement announcing the survey results.

The most frequently reported political risk-related loss was exchange transfer, which affected nearly 60% of those experiencing losses, followed by political violence at 48% and import/export embargos at 40%. The key geopolitical threats were seen as U.S. sanctions policy, emerging market crises, protectionism/trade wars, and populism and nationalism.

The survey found that larger companies were more likely to report using avoidance strategies. In fact, among companies with more than $1 billion in revenue, 82% said they had scaled back investments, and 86% had avoided future investments. The countries in which respondents most frequently reported scaling back investments were Iran, Nigeria, Russia and Venezuela.

“It is clear from our findings that political risk has increased significantly, now becoming a reoccurring and material cost of doing business,” Paul Davidson, chairman and CEO of Willis Towers Watson Financial Solutions, aid in the statement. “If these levels remain elevated, companies will fall under increasing pressure from shareholders for greater levels of transparency around the losses actually incurred. Companies will need the ability to monitor, quantify and manage these risks as well as develop strategies to mitigate them.”

The findings stemmed from a “formal survey of 40 leading companies, backed by in-depth follow-up interviews with 10 of the participants,” according to the statement. The statement added, however, that “this sample should not be seen as representative of companies worldwide, but rather of a leading group of firms that face significant political risk exposure and invest significantly in political risk management.”