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Kidnap and Ransom Insurance (also known as K&R Insurance) supports a business, its employees, and their dependents, in the event that they are detained, hijacked, kidnapped, or held hostage for ransom.
Kidnapping takes place all over the world. However, kidnapping for ransom is more likely in specific parts of the world and should form part of a business’s risk planning when employees travel, or relocate for work.
Kidnap is a terrifying ordeal for an employee to go through and can have a broader impact on family members and colleagues. It is important that your business has protocols in place to deal with this situation, should it arise, and that staff know how to act quickly. Aside from the insurance element there are also support functions in place via most Kidnap and Ransom Insurance policies.
There are a wide range of insurance products that businesses can choose from. Each will have its differing levels of inclusions, exclusions and price points (see next section).
It is also worth noting that ongoing mental health support is likely to be a key part of recovery for everyone impacted. Therefore, having an International Employee Assistance Programme (iEAP) in place to support employees is an important consideration.
Kidnap & Ransom insurers will offer a 24-hour, 365-days a year call centre, specialising in crisis management, to contact in the event of an insured person being taken.
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Most Kidnap & Ransom (K&R) polices cover all, or most of the below:
There are between 15,000 to 20,000 reported kidnappings for financial gain reported globally each year, with a considerable amount more going unreported.
The latest set of global UN statistics in 2017 and 2018 take into account all kidnappings recorded by the police, not just kidnappings for ransom. This presents a dataset that may appear higher than expected. While it is less useful in identifying risk hotspots for your business, it does show that kidnapping is unfortunately more common than you might think.
(Note: not all countries submitted figures and legal definitions can vary country-to-country.)
2017 Top 5 kidnapping countries by volume according to the UN Office on Drugs and Crime:
When we look specifically at kidnapping for ransom, the global statistics take on a more expected feel. Data from Control Risks’ ‘Kidnapping and extortive crime trends review’ in 2019 revealed that:
As it’s such a sensitive issue, insurance providers are reluctant to provide publicly available information on coverage terms and price points. Concerns include: temptation for fraudulent behaviour from staff (however unlikely) and encouraging would-be kidnappers.
Naturally, prices will vary depending on a variety of factors, including:
If you’d like a bespoke quote, contact Engage Health Group on (0)1273 974419.
Some standard travel insurance policies can provide basic coverage for kidnap and ransom, however, the product will be limited in coverage offered and expertise provided.
Locations which are considered high risk by many include:
It is important to note that incidents can happen anywhere, any time and taking security precautions is important to lower the risk of kidnap.
Again, drawing on the data from Control Risks 2019 Kidnapping and Extortive Crime Trends Review, we can see that:
Control Risks 2019 Kidnapping and Extortive Crime Trends Review reported that 93% were local nationals and 7% foreign nationals.
It is worth noting that, while local nationals are more likely to be kidnapped statistically, this is mainly due to the smaller number of foreign nationals in kidnapping hotspots. Foreign nationals remain a potentially more lucrative kidnap, and more of a focus for terrorist groups, so it is important to ensure that security precautions are taken which will put off most mid-to-low capability kidnappers.