Article,
Updating the economic cost of large-scale industrial accidents: Application to the historical analysis of accidents
Journal of Loss Prevention in the Process Industries, 13 (1): 49--55 (January 2000)
DOI: http://dx.doi.org/10.1016/S0950-4230(99)00053-4
Abstract
This paper analyses the feasibility of applying different update rates
of industrial prices to the economic assessments of accidents with
special emphasis on those related to the chemical process industry.
The advantages and disadvantages of applying this technique to the
historical analysis of accidents are analysed and compared with the
results obtained with the five most widely used indexes. The results
of a general analysis of the historical evolution of the cost of
accidents recorded in two prestigious databases are also presented.
Valid data are obtained for decision-making with regard to insurance
premiums, revaluation of assets and risk management (administration,
safety management of large chemical complexes).
