Dealing with accidents implies that such events have in common the potential to affect people and the environment in a significant way. Therefore, all parties involved in industrial risk management processes, i.e. industry, regulatory authorities, public as well as scientific and technical institutions, are well aware of the importance of considering and analysing such type of events for the purposes of accident prevention. Also, the methods of Quantitative Risk Assessment (QRA) have large experience in numerically expressing the various degrees of risk related to accidents. On the other hand, the topic of including ＇near misses＇ (i.e. any event which could have escalated to an accident) in safety management systems with the aim to prevent major accidents and the occurrence of similar events in the future is relatively new. Although its importance has more and more been recognised in the last few years, it is not yet a commonly accepted fact that near miss reporting and investigation of near misses should be an integral part of a safety management system in industrial facilities. In the European Council＇s new ＇Seveso II Directive＇ 96/82/EC, there is-in addition to the mandatory requirements of major accident reporting-an explicit recommendation to report near misses to the Commission＇s Major Accident Reporting System (MARS) on a voluntary basis. In this paper, examples of current experience in the chemical industry with the collection and analysis of data on near misses are presented and discussed with regard to industry-wide conclusions. In addition to this more qualitative discussion, quantitative arguments are put forward regarding the impact of near misses on risk estimates derived from QRA.