INSURANCE | Staff Reporter, Korea

Insurance payments for migrant workers in Korea surged 75% to $349.61m in 2018

Korean law requires all foreign workers, especially those with E9 or H2 visa, to be insured.

Annual insurance payments by migrant workers and their employers ballooned 75% to $349.61m (KRW396.46b) in 2018 from $199.03m (KRW225.7b) in 2011, according to data from the Samsung Fire & Marine Insurance as reported by Business Korea.

Korean law requires all employers and foreign workers, especially those with E9 or H2 visa, to be insured and violators face a fine of up to $4,400 (KRW5m) for violators. There are four types of migrant workers insurances in the country: departure guarantee insurance, guarantee insurance, personal injury insurance, and return cost insurance.

With the rise of migrant workers in the country, the firm noted that insurance policy holders from their end grew to 243,723, an increase of 100,000 compared to the figures in 2011. As much as 92% of the total payments or $321m (KRW364b) go to departure guarantee insurance fees, the data suggested. 

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