Estimation of rail accident cost reflecting cost of business suspension and compensation

Jin Ju Jim, Yoon Young Choi, Seungmo Kang, Inmook Lee

Research output: Contribution to journalArticle

Abstract

A preemptive and preventive safety management system is needed in the railway safety management system in Korea. To this end, evaluating the safety investment from the perspective of social benefit is critical. This study aims at the improvement of unit cost of rail accidents. Based on a review of domestic research, the most appropriate basic cost was compared and selected. Then, we found cost factors that have not been introduced in Korea. Then, factors that can be newly introduced were revealed; they are the cost of business suspension and compensation. These cost factors were added to the unit cost using related resources. As a result of this, it was found that the unit cost of fatalities increased by 5.75% and the cost of injured persons by 4.99%. Lastly, suggestions for the introduction of the remaining unintroduced cost factors are presented.

Original languageEnglish
Pages (from-to)90-100
Number of pages11
JournalJournal of the Korean Society for Railway
Volume22
Issue number1
DOIs
Publication statusPublished - 2019 Jan 1

Keywords

  • Compensation
  • Cost of business suspension
  • Social benefit
  • Unit cost of rail accident

ASJC Scopus subject areas

  • Civil and Structural Engineering
  • Geography, Planning and Development
  • Automotive Engineering
  • Transportation
  • Energy Engineering and Power Technology
  • Strategy and Management

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