As others have pointed out, generalized bicycling fatality numbers are pretty much worthless. The vast majority of cycling accidents are completely avoidable by action of the cyclist. Mostly they're people riding the wrong way, riding drunk, riding without proper safety gear (lights/reflectors), riding on sidewalks and not using care crossing intersections, using bike lanes and acting as though they actually provide you any protection, etc. Also a lot are children who don't understand how traffic works.

A careful and experienced adult cyclist can all but eliminate the majority of fatal situations by his own actions.

Also, to be fair you must include the health benefits of cycling. I've seen it claimed that the health benefits of cycling outweigh the increased accident mortality risks by 20:1; that is, for every year that's taken from the lifetime of a cyclist by being killed prematurely, 20 years are added to the average cyclist's life due to decreased mortality from heart disease, cancer, etc.