Kidnapping, ransom, and extortion threats have shown a marked increase in recent years and have become a reality for organisations operating in some foreign markets, as well as those wishing to take advantage of emerging market opportunities.
More so, companies with operations or employees travelling overseas, or even tourists visiting certain areas of the world, face an increased risk of kidnap or extortion threats.
There are estimated to be approximately 10 000 kidnappings per year globally and total ransom payments can exceed $1 billion per year across the world. With these kinds of risks facing individuals and companies around the world, a Kidnap & Ransom insurance should be an integral part of your risk management.
In response to an increase in kidnappings in recent years, our iTOO Kidnap and Ransom expert, Catia Folgore and Peter Tilbrook from Tokio Marine HCC and Unity Consultant, Vincent Swardt hosted a Kidnap and Ransom Experiential Learning for brokers in Cape Town and Durban, on 11 and 12 February 2020, respectively, to share more about the importance of taking a K&R cover should the unthinkable occur.
We were once again joined by Stephen McGown, a hostage survivor who was abducted and held hostage by the Al Qaeda in the Islamic Maghreb in Mali for nearly 6 years, to share a real life experience of his time in captivity. Stephen, who was kidnapped in November 2011 by al-Qaeda militants while he was on holiday said at the beginning he was optimistic, but as years passed, he lost hope that he would ever see his loved ones again.
iTOO K&R insurance cover aims to reduce intricate situations by providing protection from the financial consequences of a kidnapping and extortion attempt.
With iTOO’s Kidnap and Ransom Cover you are covered for kidnapping, ransom, hijacking, home invasion, political and natural catastrophe evacuation, threats and more. The Cover assures you of protection against financial loss in over 20 events as well as direct access to the Unity Advisory Group and On Call International as both your consultants and service providers.
Unity Advisory Group is a leading and trusted international provider of security, risk, and crisis response services, with 39 years of experience in K&R. They operate through a global network of consultants, which includes a Responder based in South Africa with extensive knowledge and expertise in K&R cases in Africa. In 2019 Unity responded to 1500 cases, where 356 cases were recorded for Africa and 32 for South Africa.
A premium of 10% is allocated to pre and post incident training/advice offered by Unity, together with on-line security information portal which policyholders receive as a complimentary subscription.
Contact Catia Folgore (Catia@itoo.co.za) for additional information on how iTOO can assist you.