The aftereffects of the credit crisis are still contributing to increased risk in countries around the world, according to a report compiled every year by insurance brokerage and risk management consultancy Aon and Oxford Analytica.

The 2010 report downgrades 18 countries on the grounds that activities there entail greater risks and upgrades nine countries to lower risk levels. In 2009, Aon downgraded 18 countries and upgraded 13.

In a continuation of the trend seen in 2009, "fallout from the global financial crisis continues to manifest itself in increased levels of political instability," says Miles Johnstone, director of Aon's political risk team.