Yes, a bookie would have a different spin but bookies don't insure. To insure against the happening of an event the event must be entirely fortuitous as far as the insured is concerned. Aviation PAX hull loss is low in frequency but a high in severity loss. It is low frequency because of expertise and lessons learnt from the past. Insurers (or those who self insure) look back at the relative frequency with which the event in question occurred in the past and assuming no change in the nature of the event it is reasonable to assume that this historical estimate will hold good for the future. What happened is not a Ryanair thing but applies to all in aviation. The outcome in this case was acceptable.
Last edited by Sober Lark; 11th Sep 2010 at 22:27.