Costs of abduction and ransom pile pressure on insurers

The two hijacking cases in West Africa in the past week will add to growing bills for underwriters.

London insurance sources told TradeWinds that recent incidents have taken on average between 20 days and a month to settle, with claims ranging from $500,000 to $1m.

In addition to any ransom payment, claims costs include hefty bills for legal and crisis management services, crew care and loss of hire, personal injury and other associated payments.