OTTAWA, Dec. 8, 2022 (GLOBE NEWSWIRE) — A new report from the Canadian Institute of Actuaries (CIA) and the Casualty Actuarial Society (CAS) analyzes the impact of cannabis legalization on vehicle accident experiences in Canada and the United States. The study We did not find any statistically significant effect of decriminalization on car crash mortality, frequency of insurance claims, or average cost per claim, especially over the long term.
Assessing the Effect of Marijuana Legalization on Vehicle Accident Experience The trend and seasonality of traffic accidents in Canada did not change significantly after the legal status change, according to insurance statistics. Likewise, the estimated statewide impact of decriminalization in the United States does not reveal any consistent, significant results to support the conclusion that decriminalization leads to an increase in road accidents or deaths.
Temporal patterns of human activity (eg, yearly, weekly, and daily cycles) and severe weather were more predictive of vehicle accident experience than marijuana legalization.
The study overcomes the limitations and shortcomings of earlier research on the effects of cannabis decriminalization by incorporating a novel data-driven approach.
“The methods used in this study include improved statistical models, machine learning and other data science techniques. These models use high-resolution weather data to explain the influence of weather factors,” said report author Dr. Vyacheslav Lyubchich.
Read the full report.
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This Canadian Society of Actuaries (CIA) is the qualifying and governing body for the actuarial profession in Canada. We set and uphold rigorous standards, share our risk management expertise and advance actuarial science to improve lives in Canada and around the world. Our 6,000+ members apply their knowledge of mathematics, statistics, data analysis and business to provide the highest quality of service and advice to help Canadians and organizations face the future with confidence.
This Casualty Actuarial Society (CAS) is the leading international organization in the field of accreditation and professional education. Founded in 1914, CAS is the world’s only actuarial organization focused exclusively on property and casualty risks, serving more than 9,500 members worldwide. CAS members are experts in property and casualty insurance, reinsurance, finance, risk management and enterprise risk management. CAS-educated professionals enable businesses and governments to make informed strategic, financial and operational decisions.