Global: Cost of terrorism reaches all-time high at US$52.9 bln
Source: Middle East Insurance Review | Dec 2015
The economic cost of terrorism reached its highest-ever level in 2014 at US$52.9 billion, an increase of 61% from the previous year’s total of US$32.9 billion, and a tenfold increase since 2000, according to the latest annual Global Terrorism Index (GTI), which comes in the wake of the attacks in Paris.
The report, developed by the Institute for Economics and Peace, said the number of lives lost to terrorism increased by 80% in 2014, reaching the highest level ever recorded at 32,658. This increase represents the largest yearly increase in deaths ever recorded.
The report said that just two terrorist groups, ISIS and Boko Haram, are now jointly responsible for 51% of all global fatalities from claimed terrorist attacks. Boko Haram, which pledged its allegiance to ISIS as the Islamic State’s West Africa Province (ISWAP) in March 2015, has become the world’s deadliest terrorist group, causing 6,644 deaths compared to ISIS’ 6,073.
Terrorism is also highly concentrated: just five countries – Afghanistan, Iraq, Nigeria, Pakistan and Syria – accounted for 78% of all deaths in 2014. Iraq continues to be the country most impacted by terrorism, with 3,370 attacks killing 9,929 people. This is the highest number of terrorism incidents and fatalities ever recorded by a single country. Nigeria recorded the largest increase in deaths from terrorism, rising by over 300% to 7,512 fatalities.