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LONDON—Airline hull and liability losses totaled about $1.18 billion in 2011, the lowest since 2004, according to London-based consultant Ascend Worldwide Group Holdings Ltd.
The insured losses were $966 million less than 2010 and $820 million less than the estimated $2 billion of premiums written during 2011, Ascend said Tuesday in its “Performance and Safety Review” bulletin.
The good performance in 2011 likely will increase pressure for rate reductions in 2012, Ascend said.
Safest year on record
The fatal accident rate for airlines improved during 2011 to one event per 1.52 million flights from one event per 1.3 million flights in 2010, Ascend said. That makes 2011 the safest year since Ascend began tracking the data in 1970. The previous safest year was in 2009, when there was one fatal event per 1.4 million flights, Ascend said.
The number of fatal accidents decreased to 25 in 2011 compared with 28 in 2010. The annual average for the past five years is 25.8, Ascend said.