Report analyzes the growing significance of kidnap and ransom insurance as a risk-mitigation strategy in kidnap and abduction-prone areas.
Albany, NY -- (SBWIRE) -- 10/10/2017 -- Kidnappings around the globe have increased by nearly 100% in the last six years. As globalization has meant that people, especially employees engaged in the multinational sector, have to travel to countries and cities that have high rates of kidnappings and ransom, demand for personal insurance has increased. A new research study on the global kidnap and ransom insurance in Latin America and Africa offers detailed analysis and insights on the key factors that are influencing this industry. The report titled, "Kidnap and Ransom Insurance in Latin America and Africa" and added to the repository of Market Research Hub (MRH) offers detailed insights and analysis on this industry.
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The report opines that kidnapping and ransom have remained largely unchecked in Latin America, owing to weak law enforcement; however, with the passage of time, this malaise has also impacted other regions, with Africa among the most affected. Many travel groups are recommending people to take kidnap and ransom insurance if they are travelling to sensitive areas in Latin America and Africa.
Kidnap and ransom insurance, in addition to offering a cover for the situation when a person is held on ransom, also offers a cover for extortion. These insurance policies also help an organization get in touch with a consultancy whose primary aim is to work together with the organization to find the safest and quickest way for release.
According to the report, kidnapping and ransom insurance is gaining awareness among people in developing regions. However, the increasing level of awareness has not translated into revenues, as ambiguity over standard operating procedures has remained a key impediment. The percentage of cases in which kidnap and ransom insurance was paid successfully is also on the lower side, due to which many corporates hesitate to invest in getting these insurance.
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The report begins with an introduction to the kidnap and ransom insurance sector in Latin America and Africa. The report defines the market in detail, and offers key insights on how kidnap and ransom insurance can help in mitigating the risk in abduction-prone areas.
The report offers credible information on the state of kidnapping and abductions in Latin America and Africa. Detailed analysis on the role of regulations and ever-evolving trends is also offered to readers. Stakeholders in the Latin America and Africa kidnap and ransom insurance can benefit from reading the report, as it presents an accurate, reliable, and up-to-date information on this industry.
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