Road safety investment potential showcased to insurers

28 July 2021

In many countries, road crashes consume 75% of hospital capacity for treating head injuries. Insurance premiums and payouts account for 1 per cent of Gross Domestic Product. The impact of road crash fatalities and injuries on businesses and families can be acute, with life changing injury requiring up to 70 years of care.

Successful case studies from Brazil and the Transport Accident Commission (TAC) iRAP Road Injury Dashboard were presented at the Australian Personal Injury and Disability Management National Conference.

The Dashboard, informed by Victorian insurance data, is providing unique insights into the injury and crash types and total life-time claim costs associated with Victorian road trauma, to inform the real cost and actions needed. This data has already been used to show how many brain injuries, spinal injuries and limb fractures can be saved and where in the health systems those costs are reduced by raising roads to 3-star or better standard across the State.

The knowledge is now also available as a global resource through iRAP’s Vaccines for Roads initiative. This data is informing Impact Investment activities globally as part of the World Bank Group, iRAP and the FIA high-level panel project to develop Road Safety Bonds and capitalize on the opportunities associated with private investment in road safety in developing countries.

The Dashboard, informed by Victorian insurance data, is providing unique insights into the injury and crash types and total life-time claim costs associated with Victorian road trauma, to inform the real cost and actions needed. This data has already been used to show how many brain injuries, spinal injuries and limb fractures can be saved and where in the health systems those costs are reduced by raising roads to 3-star or better standard across the State.