Not sure whether a yearly PIR is widely accepted as a normal time frame. Is there a reason you chose this time frame ?
Yes I think a PIR is a useful tool in avoiding serious incidents. and yes I think the normal 10 yr domestic and 5 yr commercial/industrial is a good guide to work to.
They are guides and of course the designer/inspector will adjust this to the environment and type of installation.
It can be argued that perhaps for a 100 years there were no such things as Periodic Inspection Reports in the electrical industry, but during that time how many incidents would have be averted if there were such reports. I think it is like insurance in a way, 99/100 you don't need it, but pretty glad you do when the 1/100 event happens.