Kidnapping for ransom – part four: insurance inquiries on the rise
Usually for corporates only, families are now signing up and ‘we have seen ransoms vary from R1m and R76m’
A surge in SA’s kidnappings for ransom has business owners and companies flocking to insurance firms for financial surety.
Insurance and risk analysis companies say SA’s skyrocketing kidnappings are driving the increase in demand for ransom insurance.
Justin Naylor, MD of ITOO special risks, part of Hollard insurance group, said: “SA’s kidnapping profile has made ransom insurance common...