02-01-2017, 04:27 PM
I know this was a bit of a taboo topic in CA, and its hard to implement this sort of thing without getting morbid, but there's got to be a way. I suggest that the chances of any accident are made extremely low, if anything of the sort is put into Airline Enterprises.
The way this could be simulated is that every flight has a one in 5,000,000 (five million) chance of experiencing an accident. If a flight is the unlucky five millionth one, there is then more probability. For example (and these statistics are based on data from airline accidents in 2015), there is a 10% chance of the damage sustained being minor, 70% chance of it being substantial, and 20% chance of it being major. Major damage results in a hull loss automatically, substantial damage results in a hull loss 50% (or some other percentage) of the time, and minor damage does not result in a hull loss. If the aircraft is not destroyed, it then required money to be spent on repairs, the cost of which depends on the severity of the damage and the aircraft type (perhaps calculated as a percentage of the cost of a new aircraft of that type).
This creates a possibility of being able to insure planes - either a (voluntary) monthly payment or a (voluntary) increase in the purchase cost which guarantees reimbursement of repair costs or the value of the plane if it destroyed. If even more depth is desired, these monthly payments/increase in price can depend on the maximum payout or aximum percentage covered by the insurance.
The way this could be simulated is that every flight has a one in 5,000,000 (five million) chance of experiencing an accident. If a flight is the unlucky five millionth one, there is then more probability. For example (and these statistics are based on data from airline accidents in 2015), there is a 10% chance of the damage sustained being minor, 70% chance of it being substantial, and 20% chance of it being major. Major damage results in a hull loss automatically, substantial damage results in a hull loss 50% (or some other percentage) of the time, and minor damage does not result in a hull loss. If the aircraft is not destroyed, it then required money to be spent on repairs, the cost of which depends on the severity of the damage and the aircraft type (perhaps calculated as a percentage of the cost of a new aircraft of that type).
This creates a possibility of being able to insure planes - either a (voluntary) monthly payment or a (voluntary) increase in the purchase cost which guarantees reimbursement of repair costs or the value of the plane if it destroyed. If even more depth is desired, these monthly payments/increase in price can depend on the maximum payout or aximum percentage covered by the insurance.