Meta-Analysis of the Methodologies Used for Road Accident Costing and Conceptualizing Framework for Road Accident Compensation

Road accidents have long-term negative consequences for society and have significant economic impacts, there are several techniques for valuing road accident-related expenses. Those from lower socioeconomic groups are more likely to be involved in accidents. In India, there is a wide range of accident scenarios at the state and city levels. About half of India's union territories and states (45%) have a fatality risk that is higher than the national average. Majority of developed and emerging countries are focusing on road safety to reduce fatalities. In India, approximately 1.5–1.6 lakh people die each year as a result of vehicle accidents. As a result, it requires immediate attention in order to take the essential steps to improve the deteriorating situation by exploring and implementing the best method which can value the detrimental impacts of road accidents. This study will try to collate the different methods of road accident costing in literature, based on their advantages, disadvantages, and applicability, and will formulate a framework base, on the most suitable method for developing countries, with a focus on India. This paper will also address the key component of traffic accidents and compensation.