This chapter analyses the safety record in the era of aviation liberalization. The chapter describes different types of liberalization and how aviation safety performance might be affected. Effects of industry growth, industry structure, and the regulatory environment are discussed. The pre- and post-safety records for specific country and region liberalizations are analysed. Overall, we find improvements in aviation safety following liberalization, especially for scheduled services. The safety record does vary by region and by industry segment. The relatively poor safety record of non-scheduled charter services in both developing regions is identified. The challenge for aviation safety is that an increasing share of fatal accidents involves regions and airlines where little information is available to help understand and improve safety performance.