The number of foreigners kidnapped worldwide has spiked, according to Arthur J. Gallagher's March “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 and up to $1,000 to $3,000 per million for 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.)
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