June 1, 2001 |
The kidnap-for-ransom insurance market is growing at 20% a year and Latin America tops the list as the most dangerous region in the world for ransom-driven kidnappings, according to the London-based special risk insurer The Hiscox Group. Multinational companies are increasingly recruiting security risk specialists and buying insurance to avoid, or at least mitigate the cost of a kidnapping.
The Hiscox Kidnap Monitor, a proprietary kidnappings database, ranks Colombia as the worst country in the world for kidnappings for the ninth consecutive year, with 972 kidnappings for ransom reported in 1999. Mexico came second, with 402 abductions reported. There have been 5,181 reported kidnappin
Kidnapping has become a growth industry for gangsters and guerillas in Latin America, which is why insuring against ransom payments is also growing exponentially.