Risk & Insurance

Kidnap & Ransom Insurance

The threat of kidnap and ransom in African countries is on the rise and companies with employees stationed or visiting places including Nigeria, Somalia, Mozambique and Kenya, which have been kidnapping hotspots, are strongly advised to ensure that they are adequately prepared to deal with the possibility that their staff could be kidnapped and a ransom demanded. By Andre du Toit.

Currently Africa has 27% of the global kidnapping cases. As political and social situations in Africa are so volatile, at risk areas change all the time and companies operating on the continent should reassess the level of risk faced by employees on a regular basis.

Any company or individual whose profile or territorial exposures result in them being at higher risk, should consider Kidnap and Ransom Insurance. Business travellers and foreigners are at risk as kidnapping is motivated by both financial gain and political advantage meaning that even small business could be in jeopardy.

When a kidnapping has occurred, there are many elements to dealing effectively with the situation in order to ensure that the individual is returned safely – and all of these things cost money.

Kidnap and Ransom Insurance will cover all of these factors, from engaging the services of crisis responders and specialist negotiators and putting up the ransom to providing support for families and colleagues of the kidnapped person.

Once they have been returned, counselling, medical treatment and rehabilitation costs will also be covered. Furthermore, it necessary to consider that business could be interrupted by the absence of a key individual and that civil suits have been launched by kidnapped persons who feel that their organisation did not provide an adequate response. Kidnap and Ransom Insurance will cover all of these possibilities. Kidnap and Ransom Insurance can also include cover for hijack, extortion, detention or a hostage crisis where specialist assistance is required.

About the Author.

Andre du Toit is the Sales and Marketing Director at SATIB Insurance Brokers, a registered financial services provider with offices through South Africa and in Botswana, Mozambique, Namibia, Zambia and Zimbabwe. For more information, visit www.satib.com

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