Insurers expand product lineup amid rising foreign population

Insurance companies are accelerating the launch and development of products in response to the increasing number of foreign residents here, industry officials said Wednesday. Earlier in the day, NH NongHyup Property and Casualty Insurance introduced a new comprehensive insurance plan designed to better support the growing number of foreign seasonal workers in rural areas. Under the seasonal worker program, local agricultural cooperatives hire foreign nationals and dispatch them to farms facing labor shortages during peak farming seasons. The new insurance product provides coverage for liabilities related to agricultural work, expenses for workers' early return due to accidents or illness, and compensation for business interruption in the event of a disaster. Agricultural cooperatives nationwide are eligible to enroll in the policy. The number of foreign seasonal workers employed in Korea is projected to reach around 95,700 this year, marking a 41 percent increase from the 67,778 employed last year. These workers have been gaining popularity among local farms, as their daily wages averageWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times