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THE LOW-COST airline business model has only been around for a couple of decades, but it has developed a major presence in the airline business.

According to PWC, low-cost airlines account for more than 25% of the world’s aviation business.

From a pool of 449 carriers around the world, AirlineRatings.com selected the 10 safest low-cost and leisure charter airlines in the world.

To compile its list, the website evaluated each airline based on its standing with international regulators, its fatality record over the past 10 years, its results from an industry safety audit, and the safety parameters of an airline’s country.

All of the airlines on this list passed those tests with flying colours.

Aer Lingus

Ireland's national carrier operates a hybrid low-cost model that offers some of full service luxuries on its long-haul routes. The airline has not suffered a fatal accident since the 1960s.

Alaska Airlines

According to AirlineRatings.com, the Seattle-based airline has had the best on-time performance of any North American-based carrier three years running. Alaska Airlines has not had a fatal accident since 2000.

Icelandair

The Reykjavik-based carrier operates a hybrid low-cost business model using a fleet of Boeing 757 jets. Complementary meals are offered on economy comfort and its business class, but not in economy. Icelandair has not had a fatal accident since the late 1970s.

Jetblue

AirlineRatings.com awarded Jetblue the honor of being the best low cost airline in North and South America. Jetblue has never had a fatal accident in company history.

Jetstar

Jetstar is the low-cost subsidiary of Qantas — AirlineRatings.com's safest airline in the world. The Melbourne-based airline has not suffered a crash in company history.

Kulula

AirlineRatings.com named the South African-based carrier the best low cost airline in Africa. The website's editors praised Kulula for bringing safety, technology, and humor to affordable flying. The airline has not suffered any fatal accidents.

Monarch Airlines

The London-based low cost airline that operates both scheduled and charter service to popular holiday destinations around the world. Monarch's safety record is free of any fatal accidents.

Thomas Cook

Thomas Cook is one of the largest holiday charter airlines in the world. The airline has no crashes on its safety record.

TUI Fly

TUI Fly is a major German holiday charter airline. It, too, has never suffered a crash.

Westjet

Westjet is Canada's largest low-cost airline. AirlineRatings.com praised the airline for its generous room and quality in-flight entertainment options for a budget carrier. WestJet has not crashed in company history.

-Benjamin Zhang/Business Insider

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