Does your formula take into account those of us that dive solo with ponies to aid in OOA situations?
Perhaps it's important to recognise the difference between 'risk of an incident happening' (i.e. double chance of equipment failure) and risk of death because of that failure. Yes, a buddied diver has twice the risk of encountering an equipment failure - but the actual safety risk to that individual is less because there are contingency alternatives available with a buddy which safeguard them. A solo diver has half the risk of encountering an incident, but arguably much more safety risk should that incident occur.
for example:
x = chance of incident occurrence.
y = chance of resolving incident
z = chance of avoiding harm to the diver.
Buddy Team - 2x X 4y = 8z
Solo Diver - 1x X 2y = 3z