The Cost of Injuries at Work
Risk Solutions has recently been commissioned by the HSE to estimate the costs to Britain of workplace injuries and work-related ill-health. The work includes a critical appraisal of the methodology used previously to estimate costs, including unit costs and aggregate estimates. We will be supported in this work by Michael Spackman and Professor Graham Loomes, both eminent economists in this field.
Our first task will be to collate and analyse available data and to explore with HSE the scope for improving the previous methodology to more accurately reflect costs arising from current health and safety failures. Once we have established a suitable methodology and cost model structure, data from a variety of sources will be used to populate it. Monte-Carlo simulation will then be used to assess the uncertainties associated with model outputs.