The face of the Kidnap & Ransom insurance market is changing as exposures become more broadly distributed across all business lines, sizes and insureds. And while some carriers are reacting by shaking things up, for Hiscox USA's Jeremy Lang, maintaining a longtime enterprise with the company's rescue partner is the key to success.
Hiscox's senior vice president and manager, U.S. Kidnap and Ransom says that over the last year, a surprising number of competitors that offer Kidnap & Ransom insurance products have switched their crisis response firm for another. “Either the response firm has left, or the carrier has chosen a different response firm,” Lang says. “It's highly unusual within the industry.”
That's because the most important aspect of a Kidnap & Ransom policy is not actually who is selling it, but which crisis-response team that carrier has partnered with; carrier choice is often the second-most consideration in the K&R insurance market for clients, he says. So why would those carriers switch?
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