Kidnap and ransom insurance – meeting global risks
15 April 2015
Kidnap and ransom insurance has had a high profile in recent weeks following a UN resolution and proposed UK government legislation. Meanwhile kidnap and ransom activity continues to be reported worldwide and not just in the main hotspots.
Kidnap and ransom hotspots for 2015
The regions with the highest risk to western businesses, travellers, NGO’s and reporters are well known. These include Afghanistan, Iraq, Syria and Yemen in the Middle East, Cameroon, Libya, Kenya, Nigeria, The Sahel, Somalia and Sudan in Africa, Mexico and Venezuela in the Americas and Malaysia, Pakistan and the Philippines in Asia.
25 countries reported incidents in February 2015
The reality is that kidnap and ransom is also a risk in many more countries, dependent on local issues and the kind of role a western business is involved in.
A report from our insurers reported incidents in 25 countries including some less likely destinations such as Costa Rica, India, Madagascar, and Mozambique as well as the hotspots above.
In one incident, a number of contractors working on a dam project in Pakistan were kidnapped, not to extort money, but to bring pressure to bear to get the project stopped. The victims were released without any kind of payment.
Stuart Dix, consultant with Bellwood Prestbury, says that kidnap and ransom insurance is all about getting the right people on your side. “Kidnap and ransom insurance can include a country briefing before people travel so that they are aware of the kinds of threats they may face, how to avoid becoming a target and how to be aware of a potential threat. Should the worse happen, the policy could help to pay for skilled negotiators who will try to bring your people out, peacefully and quickly.”
Kidnap and ransom insurance advice
For more information about how, where and when kidnap and ransom insurance might be appropriate for your people, please contact our experienced team for a confidential discussion on +44 (0) 207 305 5650.
Categories: Kidnap & ransom, Kidnapping insurance, Oil & Gas, Journalists & Media, Humanitarian & NGO, Afghanistan insurance, Iraq insurance, Syria insurance, Yemen insurance, Cameroon insurance, Libya insurance, Nigeria Insurance, Somalia insurance, South Sudan insurance, Sudan insurance, Mexico insurance, Venezuela insurance, Pakistan insurance, India insurance