AIG introduces the Kidnap and Ransom policy
This policy will cover extortion payments, as well as legal fees and trauma counseling.
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As more and more reports of kidnappings around the world are brought to the
public's attention, insurance companies are starting to sit up and take note
that the industry is dealing with a very real risk.
The South African polices said that over 2300 kidnappings were reported in
2007/2008 alone, although it is generally believed that this number is much
higher since many remain unreported.
AIG regional manager, Keith Marshall said that ransom payment doubled
in the last four years, with some cases even involving demands of over $50
million!
"Globally the kidnap epidemic is rising," said Marshall. "As the stakes get
higher, it is vital to engage professionals to ensure the incident is resolved
as quickly and safely as possible."
"South Africans may be unaware of the extent to which kidnapping of high net
worth and high profile individuals is taking place in South Africa," he
continued. "South Africans who travel extensively, especially in Africa, are at
risk."
As a result, AIG has brought in the expert services of Clayton Consultants, a
group that offers specialist consultants to help avoid the kidnapping of
policyholders. The group also offers assistance during the time of a kidnapping.
"A kidnapping is a highly emotional time and confusion reigns for everyone
involved," said Mark Courtney of Clayton Consultants. "Imagine being told that
your loved one has died. The family members or friends experience this traumatic
emotion every time the kidnapper calls. So it is imperative that we get involved
immediately and institute some calm and counsel."
AIG has introduced a Kidnap and Ransom policy that covers the extortion
payment, legal fees and trauma counselling following the incident.
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