What is KR&E Insurance?
KR&E insurance shields companies and individuals against financial losses stemming from kidnapping, extortion, wrongful detention, hijacking, threat, disappearance, political repatriation and express kidnapping. Properly managing these events is critical to safeguarding the life and well-being of a victim as well as a company’s assets and reputation.
Every day, AIG helps protect the interests of organizations — including 98% of the Fortune 500 — and high net-worth individuals in more than 130 countries.
Who needs KR&E insurance?
Those most vulnerable to kidnapping and extortion threats include:
- Entities with employees who are based overseas or travel there.
- Organizations with high profiles.
- Companies that work with sensitive information, technology or extraction of natural resources.
- Public, private and post-secondary schools which may offer study abroad programs.
- Media, journalists and NGOs
- High net-worth individuals and families.
Why does your business need KR&E insurance?
Some examples may include:
- Two employees of an international construction company were abducted while returning to their work camp in Nigeria. The kidnappers demanded NGN 100 million (USD $623,000) for their release. The insured called the AIG crisis centre hotline (Crisis24), which deployed personnel immediately to both Nigeria and the client’s headquarters in Paris. Crisis24 assisted in negotiations and after 20 days, secured the employees’ release for a payment of $125,000. AIG reimbursed the insured $195,000, which included the ransom, medical and rehabilitation costs, and payments to local officials to assist in delivery of the ransom.
- The head of a wealthy family in Mexico City received several calls demanding the disclosure of business details and a USD $1 million payment — or the extortionists threatened to release information about the company and/or kidnap his 8-year-old daughter. Crisis24 provided an immediate risk assessment of the insured’s home and business, together with a protocol for handling future calls. Crisis24 continued to monitor the matter, but no further calls were received.
What does AIG KR&E insurance cover?
- Kidnapping (including Virtual Kidnap)
- Extortion
- Wrongful Detention
- Hijacking
- Threat
- Disappearance
- Express Kidnap
- Political Repatriation
Coverage extensions include:
- Hostage Crisis • Business Interruption
- Product Extortion Expenses
- Child Abduction
- Armed Assault
- Tiger Kidnapping
- Stalking
See additional coverage details in the KR&E Highlight Sheet.
The AIG Advantage
Deep Claims Expertise
- AIG leverages 40+ years of global crisis management and claims experience to help address clients’ specific KR&E coverage and claim needs.
- Through a partnership between claims and underwriting, we proactively evolve KR&E coverages across 60 countries to respond to clients’ emerging exposures.
Pre- and Post-Incident Support
- AIG allows a portion of all policy premiums to be used towards security training and crisis consulting from our partner Crisis24 — a leading global risk management firm.
- Clients can access AIG’s 24/7 travel assistance app (GlobalWatch) and get destination reports, security alerts, travel health information and insightful articles.
- If a crisis does occur, insureds can rely on best-in-class crisis communications and negotiations from the global crisis response specialists at Crisis24.
Comprehensive Coverage
- AIG provides coverage for a broad range of individuals affected by a wide range of threats, including organizational officers or directors, employees and their guests and relatives, as well as volunteers and those negotiating payments. • Our worldwide coverage territory allows us to offer KR&E insurance solutions for small organizations all the way to large multinational corporations. • With our appetite to underwrite various types of KR&E insurance globally, AIG can protect high-net worth individuals and their families across multiple aspects of their personal and professional lives.
- Coverages are tailored to an exceptional range of security threats in high-risk industries such as energy, mining, maritime, multinationals and NGOs.
Large Capacity
- AIG offers up to $50 million in total limits for primary and excess stand-alone kidnap and ransom insurance.
Local Knowledge and Global Reach
- AIG’s 200+ claims specialists globally speak the local languages. They also understand local laws, customs, and cultures to effectively support brokers and their clients.
- Ours is one of the industry’s largest crisis response teams, located in 16 strategic centres worldwide. This ensures timely responses to clients across multiple countries, jurisdictions and industry sectors.