Kidnapping and ransom insurance in full swing
Faced with an upsurge of acts of kidnapping and hostage taking, several multinational companies do not hesitate to take out a cover against this type of risk. The company keen on covering its employees on mission, should prepare to pay a premium comprised between 10 000 and 30 000 EUR (11 731 and 5 193 USD).
The policy ensures reimbursement of the ransoms paid and the costs related to repatriation and psychological counseling. Persons abducted at the same time as the insured will also be covered.
The kidnapping and ransom insurance market is estimated in 2015 at 900 million EUR (983.4 million USD). This amount is expected to reach 4 billion EUR (4.7 billion USD) in 2019.
Mexico is found to have the highest number of ransoms. India, Pakistan and Iraq also stand among the riskiest countries.
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