A sticker indicating the maximum speed limit for cargo trucks, designed to help reduce traffic accidents. (Yonhap)
SEOUL, July 29 (Korea Bizwire) — The estimated “cost of pain” per traffic fatality in South Korea has risen to nearly ₩1 billion ($700,000), reflecting a growing public valuation of human life and greater recognition of the suffering endured by victims’ families, according to a new report released Sunday.
The Korea Transport Institute (KOTI) revealed in its latest study that the emotional and psychological toll resulting from a single traffic-related death now amounts to approximately ₩970 million. The cost associated with a seriously injured person requiring more than three weeks of treatment was calculated at ₩220 million.
These estimates, known as “pain costs,” attempt to quantify the physical and mental suffering of victims and their families in monetary terms. The figures were derived using the Contingent Valuation Method (CVM), which assigns value to non-market assets based on public willingness to pay to reduce risk.
The study surveyed 1,000 South Koreans on how much more they would be willing to pay to lower the probability of traffic fatalities. The results were used to calculate pain costs for both victims and their families.
Compared to a similar 2013 estimate, the cost of pain per death has increased more than 3.5 times, from ₩280 million. Researchers attributed the rise to both heightened societal awareness of the value of life and the inclusion of family members’ suffering, which was previously excluded.
KOTI emphasized that reducing the number of casualties in traffic accidents requires a shift toward a safety-first culture that prioritizes people over vehicles and a more comprehensive national safety infrastructure.
The report, titled “Improving Estimation Methodology for Traffic Accident Costs Based on the Value of Human Life,” underscores the economic and emotional urgency of advancing road safety policies in South Korea.
Lina Jang (linajang@koreabizwire.com)
