Saturday, 1 August 2015

Mexico Ranked 1st, Nigeria Is 5th In Global Abduction Ranking

Mexico leads the pack, followed by India while Nigeria is ranked fifth in the list of countries with high frequency of abductions or kidnapping. This means that for specialty underwriters the sequence for the first 5 countries with high kidnapping risk are: Mexico, India, Pakistan, Iraq and Nigeria have the worst records of abductions and kidnapping cases.

The ranking is published by Control Risk, a UK-headquartered consultancy organisation which chronicles reports of abductions. It is often referred to by international reinsurers for providing ‘kidnap and ransom’ cover to both Indian and MNCs.

Insurers said this does not mean that neighbouring countries like Afghanistan or Pakistan are any safer. What it indicates is that the number of complaints about kidnapping is higher in India. Although it may not be an organised business the way it is in some South American countries, there are many incidents that take place in the north and the east. A little wonder that India is now seen as a ripe market for selling kidnap and ransom (K and R) insurance policies.

“The rankings are based not on insured events but on actual cases reported. India stands out because of the sheer numbers and the vast spread of the population in remote areas,” said Sanjay Radhakrishnan, CEO of JLT Independent Insurance Brokers, who said the Indian arm of UK’s JLT Group which has been arranging K and R cover for corporates for 25 years.

M Ravichandran, president of Tata AIG General Insurance, told TOI, “India ranks high when it comes to kidnapping. High net worth individuals, senior corporate officials and children are being targeted. In the last two years, inquiries for KRE ( (Kidnap and Ransom Extortion) policies have seen a rising trend.”

Source:
Leadership Newspaper

Image Credit: Times of India