According to the Global Terrorism Index 2024 (GTI), terrorism continues to be a very real and serious threat globally. In 2023, the total number of deaths from terrorism increased by 22% to 8,352, the highest in six years. There was a 56% increase in the average number of people killed per attack; this is the worst rate in almost ten years.
Terrorism is now taking place in less countries: 41 versus 57 countries at the peak of 2015. Burkina Faso suffered the worst impact from terrorism in 2023, with deaths increasing by 68%. In Western democracies there was a decrease in incidents of 55% in 2023 versus 2022.
However, with the US 2024 election drawing near this November, the country is bracing itself for potential election-related tension and unrest. Preparations for the Paris 2024 Olympics will also keep sight of terrorism as a potential threat.
It is noteworthy that 54% of the terrorist incidents in 2023 were to be attributed to IS. Together with Hamas, JNIM, and Al-Shabaab they were the propagators of at least 75% of deaths linked to terrorism in the world. A staggering 50% increase when compared to 2013.
With these rising trends and the current global terror risk threats and conflicts throughout the world set to continue, at Genillard & Co. we are placing stringent focus on the ongoing development and delivery of innovative coverage concepts in a highly complex area of specialty risk.
Our long-standing experience in this line of business since the terror attacks in New York in 2001, has demonstrated that we can effectively implement a broad range of solutions for our clients. Whilst continually building upon our expertise, we nurture close relationships and a strong network in the international insurance and reinsurance markets.
For more information, please visit our risk management & reinsurance services page.