The £1 Billion Hostage Trade

More than 12,000 people are taken hostage each year worldwide. Until 2004, the problem was pocketed among a few regions, but is now global. Kidnapping is on the rise in Nigeria, the Philippines, Afghanistan, Mexico, Iraq, Yemen, Somalia and elsewhere. Originally used by guerrillas for political purposes, the crime has become increasingly commercialized: Criminals compares strategies and set up exchanges for investors; victim retrieval relies on the development of specialized insurance, negotiating and security teams. Sums involved are staggering – premiums for kidnapping insurance amount to $400 million a year – yet most kidnappings are cloaked in secrecy. Firms rarely disclose their role, and governments loathe acknowledging payments. Secrecy contributes to higher ransom amounts and increasing security, all contributing to a growing global industry. – YaleGlobal