The number of foreigners kidnapped worldwide has spiked, according to Arthur J. Gallagher's March 2016 “Kidnap & Ransom Insurance” market conditions report, because of increases in Northern Africa and the Middle East (Syria, Libya) and in South America (Columbia, Venezuela, Mexico).
The marketplace for kidnap and ransom insurance is stable and competitive, with premiums as low as $600 per million for companies with limited foreign exposure, up to $1,000 to $3,000 per million for those companies with higher exposures. Policies are broad, the report says, but can include enhancements such as child abduction and cyber terrorism.
Below, a summary of findings on the kidnap and ransom insurance marketplace:
(Click image to enlarge.)
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Shawn Moynihan
Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. A St. John’s University alum, Moynihan has earned 11 Jesse H. Neal Awards, the Pulitzers of the business press; seven Azbee Awards, from the American Society of Business Press Editors; two Folio Awards; and a SABEW award, from the Society of American Business Editors & Writers. Prior to joining ALM, he served as Managing Editor/Online Editor of journalism institution Editor & Publisher, the trade bible of the newspaper industry. Moynihan also has held editorial positions with AOL, Metro New York, and Newhouse Newspapers. He can be reached at [email protected].
