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London: Aviation - Sky-high savings.
(From Reinsurance)
Byline: Eric Alexander.
Aviation insurers were pleased to record that 2003 has turned out to be one of the safest years ever for commercial air transport. Last year there were only 14 jet aircraft total losses, a record only bettered by 1986's tally of 12 losses.
The 2003 figures continue the recent trend of a reducing number of aircraft accidents year-by-year and are well down on the average for the 1990s of about 24 jet total losses per year.
Not surprisingly, with fewer aircraft losses, the number of passenger fatalities was also down in 2003 with only 596 passengers killed on revenue passenger flights. While this is one of the lowest figures ever recorded and represents a reduction of around 40% on the average for the 1990s, it did not make 2003 the safest year ever.
Under review
Reviewing the past year Nick Browne, chairman of the International Underwriting Association's (IUA) aviation executive committee, said it had been a pretty uneventful one, which had come as a welcome respite for aviation insurers.
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