598,635 road accidents recorded in 2023 cost Malaysia RM25 billion in economic value – Loke
If you think Malaysians are not careful drivers, you are right, because the statistics show that. In 2023, a total 598,635 traffic accidents were recorded nationwide, up nearly 10% from 545,585 in 2022. Last year’s figure also surpassed the previous eight-year peak of 567,516 traffic accidents recorded in 2019, before the Covid-19 pandemic began.
Every accident causes loss, and not just directly from a physical perspective, as there is also an economic impact that occurs when an accident results in serious injury or death. In economic terms, at least RM25 billion was lost due to accidents last year, Star report.
This was the figure disclosed by Transport Minister Anthony Loke in his parliamentary reply to Pang Hok Liong (PH-Labis), who asked about the financial losses incurred due to road accidents and the steps the ministry is taking to address the rising accident rate.
“The total cost to the country is calculated based on the number of deaths and serious injuries caused by road accidents. The estimated monetary value of each death or serious injury is calculated using methods adopted by the International Road Assessment Programme (iRAP). This takes into account all possible contributions of the victims involved to the gross domestic product (GDP) if the accident had not occurred,” Loke said in his response.
These figures take into account the loss of a competent individual in the workplace, being a core member of their family or household, as well as their monetary contribution to society. In the case of last year’s projection, he said this represented a more than 35% increase in annual economic losses due to road accidents compared to the RM18 billion loss in 2010. To address this, Loke said the ministry was introducing a number of measures to reduce the accident rate.
One of them is to regulate speed limits in certain areas. He said both his ministry and the Ministry of Works are looking at the possibility of codifying the current 30 km/h speed limit guidelines near school zones that are often used by local governments into laws that everyone must follow.
He added that more speed cameras would also be installed in areas where accidents are common. “As of June 12, an Automated Awareness Safety System (AWAS) camera has been installed on the north side of the Menora Tunnel on the North-South Expressway, an accident hotspot. An AWAS camera on the south side of the tunnel is expected to start operating from July 1,” he said.
“We are also continuing to work together with the Housing and Local Government Ministry to promote more public transport-oriented development, aiming to reduce Malaysians’ reliance on owning private vehicles to meet their mobility needs,” he added.
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