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Kidnap, Ransom & Extortion Claims

In today’s world, the risk of a corporate member being perceived as a vehicle for financial gain is higher than ever. The fear of being kidnapped is also on the increase.

Business is far more transient, with regular flights to other countries more commonplace as part of normal business life. Trends have shown us that Kidnap, Extortion and Ransom claims are on significant increase and far more likely from continents such as Asia, South America, the Middle East and Africa.

Researching the position of high-net worth ‘targets’ is easy with the power of the internet, black market communications, information for sale and financial databases.

The usual policies also typically indemnify personal accident losses caused by a kidnap. These include death, dismemberment and permanent total disablement. Criminal gangs are believed to make £300 million a year from kidnap and ransom payments.

Most kidnaps are carried out in order to obtain a ransom or as a means for extortion from the family of the kidnapped detainee. In most cases a ransom is paid. Rescues are rare, largely because the authorities in most countries recognise that the safety of the victim is most paramount. While the average occurrence of deaths following a kidnap is very low, this almost always is at the time of abduction rather than during any negotiations.

I-COG specialises in risk assessing, validating, handling and investigating kidnap, ransom and extortion claims made to insurer clients after the event. Focusing on many sensitive and unique topics that should occur during a genuine kidnap, the validation process is very customer service focused but the most thorough in the industry.

Following a bespoke Conversation Management model that is very intricate, we will be able to separate the honest from the dishonest at a very early stage. I-COG provides a strategic approach that is focused, knowledgeable, sharp and very comprehensive.