Kidnap and Ransom – Is it for real?

how can business interruption insurance work for you
How does Business Interruption Insurance work?
22nd September 2016
personal accident insurance
What is Personal Accident Insurance – Do you need it?
7th October 2016
Show all
kidnap and ransom insurance

It sounds like something straight out of Hollywood, but kidnapping in Africa is a growing industry. In fact, in 2015 19% of kidnaps globally took place in Africa, placing it not too far behind Latin America, which is commonly perceived as being the world’s kidnapping hotspot.

Kidnaps by region (2015):
kidnap ransom statistics

With businesses increasingly looking to expand their operations into certain high-risk African countries, they have a duty of care to provide financial protection for their employees in the event of a kidnapping, extortion, detention or hostage crisis.

From reimbursing ransom payments to providing cover for business interruption, legal services and more, Kidnap and Ransom insurance mitigates risk and reduces losses.

But more than just covering the costs of such an event, Kidnap and Ransom insurance provides access to a team of experienced response consultants who are trained to provide much-needed advice and support to facilitate a hostage’s safe, timely and secure release from a highly tenuous situation.

Kidnap & Ransom policies also cover:

  • Disappearance – mysterious disappearance of individuals
  • Extortion – threat to kill staff or damage property
  • Detention – detaining of individuals for political reasons
  • Hostage Crisis – holding of hostages
  • Kidnap – Kidnapping of individuals
  • Hijack – Hijack of aircraft, crew and passengers
  • Products Extortion – threat to damage product unless ransom paid

Extensions include:

  • Political evacuation and repatriation
  • Loss of earnings
  • Product loss/recall
  • Computer virus business interruption
  • Assault expense

Many businesses are not aware that there is even such a thing as Kidnap and Ransom Insurance but it is something that businesses of all sizes should. Give us a call today to find out more.

“The article should not be considered legal or financial advice and is for information purposes only. You should consult with a professional financial advisor to determine what may be best for your individual needs.”