Insurance firms paid N1.22bn as kidnap, ransom claims in four years

Insurance firms operating in the country have paid about N1.22billion as kidnap and ransom claims on 730 reported cases in the last four years.

The Head of Strategy of AIICO Insurance Plc, Mr Olurotimi Aleshinloye, told journalists on Monday that there have been about 164 recorded cases of kidnapping since the beginning of this year.

According to him, and based on the American International Group (AIG) which is a global insurance group in the United States of America, (USA), contemporary kidnapping-and–ransom industry emerged in the late 1970s in response to rampant kidnappings and demand for ransom in Columbia and Latin America. Continue Reading