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Any reasonable statistical analysis will take account of those 0.1% cases, weighting the rate of error by the consequences of the error. It's something that ins
by jdietrich 3y ago
Any reasonable statistical analysis will take account of those 0.1% cases, weighting the rate of error by the consequences of the error. It's something that insurers are very, very capable of, because it's basically their whole business.
- micromacrofoot 3y agoWould you bet your life on your insurer's statistical analysis?
- jdietrich 3y agoI already do. The insurance industry invented the concept of independent safety testing and continues to play a crucial role in researching, developing and implementing safety standards in many industries, most notably automotive and maritime. Government regulations are often a battleground between many parties with competing interests, but the insurance industry has an clear commercial interest in minimising harms.
- micromacrofoot 3y agoWhile true, they also profit by simply blaming operators, avoidance, litigation, and technicalities. So I'd argue there are a lot of competing interests here too... if asked if I trust insurance company shareholders or elected officials more, I could only answer "no."