Associate
I don't know enough about the Concorde case to agree or disagree with you about somebody being blamed - but the size and scale of a disaster doesn't have any bearing on whether anybody deserves to get blamed.
As for insurance...
...so you're saying that if I'm driving down a road, safely and within the speed limit, and my tyre bursts through random rubber fatigue, causing my car to swerve and hit a tree, that someone ought to be blamed?
Insurance is no different to gambling, really. A hundred of us might pay a £500 premium, and five of us will have accidents costing £10,000 each. Those who have accidents don't lose out financially, and those who don't have accidents accept that they are paying for those who do. Factor in a profit margin for the insurer, and that's it. I paid my £500 last year, and I didn't have an accident and didn't make a claim. The £500 was to pay for somebody else's accident, and for the peace of mind that if it happens to me, there are 19 other accident-free people each paying £500 to cover my losses.
Obviously the premiums are calculated before any claims are made, so there has to be some prediction by the insurer - that's who's taking a gamble - and at the end of the day it's all just balancing the book.
As for insurance...
...so you're saying that if I'm driving down a road, safely and within the speed limit, and my tyre bursts through random rubber fatigue, causing my car to swerve and hit a tree, that someone ought to be blamed?
Insurance is no different to gambling, really. A hundred of us might pay a £500 premium, and five of us will have accidents costing £10,000 each. Those who have accidents don't lose out financially, and those who don't have accidents accept that they are paying for those who do. Factor in a profit margin for the insurer, and that's it. I paid my £500 last year, and I didn't have an accident and didn't make a claim. The £500 was to pay for somebody else's accident, and for the peace of mind that if it happens to me, there are 19 other accident-free people each paying £500 to cover my losses.
Obviously the premiums are calculated before any claims are made, so there has to be some prediction by the insurer - that's who's taking a gamble - and at the end of the day it's all just balancing the book.
