The size of the insurance market for migrant workers in South Korea nearly doubled in less than 10 years.

The amount of annual insurance premiums made by migrant workers and their employers increased by 75% from KRW225.70bn ($199.03m) in 2011 to KRW396.46bn in 2018, reported Business Korea citing data from the country's biggest general insurer, Samsung Fire & Marine Insurance.

The current law requires foreign employees who reside in the country and the employers who hire them to take out the insurance policies exclusively targeted at foreign workers. There are different types of migrant worker insurance, covering risks related to wage payments, severance pay, personal injury and cost of repatriation.

The number of migrant workers insured was 243,723 at the end of last year, about 100,000 more compared to 2011.

However, it is hard for insurance companies to expect a profit under the insurance schemes for foreign workers. A number of insurance companies formed a consortium in 2006 to offer the mandatory migrant worker insurance. Currently, Samsung Fire dominates the segment with a 95% market share.