Map of Spain via Geotab.

Map of Spain via Geotab.

The global economic cost of traffic accidents has reached $518 billion per year with the leading causes being distraction, speeding, and alcohol, according to the World Heath Organization.

The findings have been presented by Jorge Gonzalez, a Geotab junior solutions engineer, on the company's Big Data blog.

Gonzalez analyzed Geotab telematics data from Spain, where the cost of annual traffic accidents has reached 177 million euros and 2 million lost working days.

The 177 million figure doesn't account for insurance and compensation, medical costs and health resources, legal defenses, surveys, or decreased productivity in a company. In 2015, there were 54,416 lost work days caused by traffic accidents, which is 11% of total work casualties.

Gonzalez looked at "black spots" — points on the map with a higher concentration of accidents — that showed 5% more speeding than other incidents. Among collisions of vehicles using Geotab's GO7 device, 62% were caused by speeding, 25.8% by harsh cornering, and 12.1% by harsh braking or accelerating.

Read the full analysis here.