This paper presents a QRA-based approach for assessing and evaluating the safety of installations handling explosive substances. Comprehensive generic lists of immediate causes and initiating events of detonation and deflagration of explosive substances as well as safety measures preventing these explosions are developed. Initiating events and corresponding measures are grouped under the more general categories of explosion due to shock wave, explosion due to mechanical energy, thermal energy, electrical energy, chemical energy, and electromagnetic radiation. Generic accident sequences are developed using Event Trees. This analysis is adapted to plant-specific conditions and potentially additional protective measures are rank-ordered in terms of the induced reduction in the frequency of explosion, by including also uncertainty. This approach has been applied to 14 plants in Greece with very satisfactory results.