Gerry, yes, but the underwriters still need to know the underlying long term risk and costs otherwise they have no foundation from which to bargain.
For example, the benchmark for RPT aircraft public liability insurance is the price and probability of an aircraft crash in the center of the London commercial. district on a weekday summer lunchtime. For a US domestic carrier it’s the same on Manhattan.
It is obvious that all aviation regulation and airspace design should be based on such work, yet it isn’t in Australia.
An actuary is a business professional who deals with the measurement and management of risk and uncertainty
https://en.wikipedia.org/wiki/Actuary