South Korean firms seek insurance amidst workplace injury risks

Aon said 64.3% of organisations have plans for work-related injuries.

Over half of South Korean businesses are considering insurance and risk transfer as competition, workplace safety and financial pressures reshape their risk priorities.

According to a new survey by Aon, workplace injuries remain one of the country's top business risks amidst stricter enforcement of the Serious Accidents Punishment Act. 

Around 64.3% of South Korean organisations said they have a formal plan or review process for work-related injuries, whilst 57.1% said they are considering insurance or other risk transfer solutions to manage the exposure. 

The findings come from Aon's 2025 Global Risk Management Survey, which gathered responses from nearly 3,000 organisations across 63 countries and 16 industries. 

Competition ranked as the biggest current and future business risk for South Korean organisations.

Half of respondents said they had experienced financial losses linked to competition, higher than the Asia-Pacific average of 44.1% and the global average of 42.8%.

However, only 17.4% said they have a formal plan or review process to manage competition-related risks. 

The survey also highlighted growing concerns over natural catastrophes and liquidity risks. 

Weather and natural disasters ranked sixth amongst current business risks following economic losses from wildfires and flooding in 2025, whilst cash flow and liquidity risk returned to the country's top 10 risks for the first time since 2019. 

Amongst all major risks identified, liquidity had the highest level of preparedness, with 78.6% of organisations reporting they have a formal plan or review process in place. 

The report also found room for improvement in enterprise risk management. 

Only 25% of South Korean organisations said they use a structured, enterprise-wide process to identify major risks, whilst just 2.9% use quantitative analytics to model risk scenarios and insurance strategies.