Overall cost of transport accidents in S. Korea estimated at more than 40 tln won in 2016: report

SEOUL, Oct. 17 (Yonhap) -- The social cost of transport accidents in South Korea was estimated at some 40.5 trillion won (US$36 billion), equivalent to 2.5 percent of the country's gross domestic product, in 2016, a report showed Wednesday.

A total of 1.15 million transport accidents were reported in the one year period, leaving 4,446 dead and 1.84 million injured, according to the report by the Korea Transport Institute (KOTI).

The report estimated that the accidents caused 21.6 trillion won in physical losses, while leading to 19 trillion won of loss related to victims' psychological suffering. The costs consist of future income loss, medical costs, property damage costs, related administrative costs, as well as the pain, grief and suffering of the victims, it said.

The combined cost is down 18.2 percent from 49.2 trillion won tallied the previous year, according to the latest report.

The institute attributed the decline to improved traffic infrastructure which led to the drop in the number of causalities.

Roadway accident costs amounted to 40.2 trillion won, followed by marine, aviation and rail accidents with 235.9 billion won, 53.1 billion won and 26.9 billion won, respectively, it said.

The KOTI has been measuring the annual road accident costs in South Korea since 1995.

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