framer, correct. Trading redundancy for efficiency is simply moving money from one managers pile to another, it doesn't necessarily change the profitability one iota. However, it is possible to get a short term profit bump until the inevitable costly incident occurs.
Insurance may well payout in this case. However, repeated claims would see the premium the insurers change increase. My understanding is insurance companies drove enormous change at Korean Air Lines after the large number of accidents and the Delta audit.