Kidnap and Ransom Insurance
What is Kidnap and Ransom Insurance?
Kidnap and ransom insurance is designed to protect individuals and corporations operating in high-risk areas around the world. Locations most often named in policies include Mexico, Venezuela, Haiti, and Nigeria, certain other countries in Latin America, as well as some parts of the Russian Federation and Eastern Europe. Central Asia is also seeing increasing numbers of incidents, particularly in Afghanistan and Iraq.
Does my business need Kidnap and Ransom Insurance?
An investigation by the New York Times found that Al Queada and its affiliates have taken at least $125 million in revenue from kidnapping for ransom since 2008. Roughly half, or $66 Million, was paid out in 2013.
Security intelligence and other research into the kidnap-for-ransom industry in Mexico have found that organised crime groups are now targeting these middle-class workers in an attempt to expand the number of potential targets.