According to London-based insurance adjuster Airclaims, from an insurer’s point of view 2002 was a fairly “benign” year, with hull and liability losses of about $1.1 billion. It is a welcome respite from 2001 and 9/11, which drove losses to levels now estimated in excess of $6 billion.

In its year-end review of air safety, Airclaims warned that the “relatively light losses [in 2002] should not used as an excuse for complacency,” noting that the long-term trend still predicts typical annual losses of $2 billion. The forecast would appear to be accurate when based on losses that for six of the past 10 years have exceeded $2 billion a year.