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> catastrophic engine failure is exceedingly rare

Not really... apparently the rate for piston engines is around 15 failures in 100,000 hours (it's not trivial to find reliable statistics on that, because an engine failure that does not result in an accident need not be reported). If an average GA pilot flies around 1000 hours, encountering an engine failure is as common as throwing a 6 on a die. (I've had one.)



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