The economic impact of terrorism on the global economy coststens of billions of dollars. Forbes pegged theimpact at $90 billion and rising in November 2016. TheInstitute of Economics and Peace (IEP) hasidentified over 150,000 terrorist events in its Global TerrorismIndex (GTI), and finds that while the number of attacks aredropping in some countries, they are increasing at alarming numbersin others.

As terror groups like ISIL change their tactics, the number oflone terror attacks has surged to its highest number ever.According to the IEP GTI, 98 percent of the terror-related deathsin the U.S. since 2008 have been carried out by individuals actingon their own. Fortunately, there are several similarities andstatistical patterns to individual terrorist attacks, which providesome insight into creating effective counterterrorismoperations.

The financial impact of terrorism primarily affects a country'sgross domestic product (GDP), which is frequently an indicator tohow well a country is doing (or not). Iraq experiences the highesteconomic impact from terrorism, which reached 17 percent of its GDPaccording to the IEP. Terrorism affects business operations,tourism, manufacturing and other key industries.

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Patricia L. Harman

Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]