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The insurance industry says kidnap and ransom insurance cover is growing in South Africa, as organised crime syndicates continue to target wealthy individuals and companies.
Crime statistics for the first quarter of the year, show a 59% increase in the number of kidnappings in the country.
In 2016, businessman Naushad Khan was kidnapped in Cape Town and held for two months.
In 2019, businesswoman Sandra Munsamy was kidnapped in Durban and held for over 150 days. It is believed that a ransom of R140-million was allegedly paid for her release.
Indwe Risk Services CEO Peter Olyott says, “Unfortunately, the trend seems to have found its way to SA. We have had an increase in the number of cases year-on-year and with COVID-19 and the lockdown, those cases dropped because people were not out and about but as things return to normal, so the cases have increased, I’m talking north of 40% increase compared to the prior period so that’s substantial.”
PODCAST: South African insurance companies say there’s been a significant increase in kidnap and ransom cover recently
