Economic Cost of Road Traffic Accidents in Namibia : Analysis Using the Human Capital Approach

Road Traffic Accidents (RTAs) weigh down on household finances and economies. Literature suggests that low-middle income countries are the worst affected. This study appraises the monetary value of human life losses associated with RTAs in Namibia, focusing on persons below life expectancy age who died prematurely. The Human Capital Approach methodology was employed to calculate the monetary value of the 528 lives lost in Namibia between January and December 2018. Results show that RTA deaths had a total monetary value of N$ 90,698,531.00, approximately 0.66% of GDP. Results also reveal that age group 0 - 5 years accounts for the greatest loss, attributed to the number of remaining years of life lost in the age group. Moreover, results also indicate that males were more susceptible to RTA fatality than females. However, for a more comprehensive cost estimates, data on other cost components need to be adequately collected and analysed