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Article: Industry responds to rising kidnapping threat.
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- January 16, 1995
- Author:
CopyrightCOPYRIGHT 1995 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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According to the U.S. Department of Justice, there has been an average of 620 kidnappings per year in the United States over the past six-year reporting period. Overseas rates, while more difficult to ascertain, are by most accounts even higher.
While these figures are frightening enough, the National Underwriter's examination of the kidnap and ransom insurance market reveals that the risk has become even greater in recent months, with related insurance activity rising commensurately.
For example, Professional Indemnity Agency, Inc. has offered kidnap and ransom coverage since 1980, and has averaged one claim per month under that coverage to date.
But ...