Industry Background:
In an increasingly violent world, businesses must ensure that business travelers and the families are safe from kidnapping, extortion, and unlawful incarceration. Kidnap and ransom insurance policies cover cash paid to kidnappers or extortionists, as well as ransom money lost in transit and a variety of other expenses. Kidnap and Ransom insurance is meant to assist protect your company from the financial consequences of unforeseen expenses such as kidnapping, extortion, ransom, or illegal imprisonment. Kidnap and ransom insurance policies often cover money paid to kidnappers or extortionists, as well as the loss of ransom in transit and other expenditures incurred as a result of an abduction.
According to AMA Research, the market for Kidnap and Ransom Insurance is expected to register a CAGR of 7.8% during the forecast period to 2030. This growth is primarily driven by Need to Protect the Business Sector
.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Financials sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Hiscox Ltd (Bermuda), AXA S.A. (France), Chubb (Switzerland), Aon plc (United Kingdom), The Travelers Indemnity Company (United States), American International Group, Inc., (United States), Allianz (Germany), Liberty Mutual Group (United States), Zurich Insurance Group (Switzerland), The Hartford (United States), Tokio Marine Holdings (Japan), Great American Insurance Company (United States), ERGO Group AG (Germany) and Assicurazioni Generali S.p.A. (Italy), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 13 January 2020, AXA XL announced it has successfully merged AXA Corporate Solutions (ACS) and AXA ART into XL Insurance Company SE (XLICSE).
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Influencing Trend:
Growing Fraud and Crime Activities
Market Growth Drivers:
Need to Protect the Business Sector and Financial Losses occurred from Employees or Workers
Challenges:
Strict Regulatory Guidelines on the Kidnap and Ransom Insurance Agents
Restraints:
Economic Slowdown over the Globe
Opportunities:
High Adoption of Kidnap and Ransom Insurance Across the Regions
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Kidnap and Ransom Insurance Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Kidnap and Ransom Insurance Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Kidnap and Ransom Insurance players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Kidnap and Ransom Insurance Study Sheds Light on
The Kidnap and Ransom Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Kidnap and Ransom Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Kidnap and Ransom Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.