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.
Related: Virtual kidnapping: What you need to know
Below, a summary of findings on the kidnap and ransom insurance marketplace:
(Click image to enlarge.)
Related: These infographics tell the story of 2015 in insurance
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