I've been flying all over the USA with gear since 1986 and have never lost a single bag. From the mid-80s to mid-90s we'd fly with 1015 Anvil cases of gear. Sinar 8x10 +lenses, film holders, Polaroid processor, full Hassy case with 3 bodies and every lens from 50mm500mm, Nikons with fish-eye through 300mm, meter case, and cases of Norman flash gear. We'd do curbside check-in, tip the sky hop $50$100, and ask him to make sure every case got on the plane. In most cases, they'd follow the gear onto the tarmac.
Four flights to Hong Kong in '86'89 and never a lost or damaged bag.
Post 9/11 and rental became the SOP, but we still travel with our own camera gear, tripods & computers, renting only lighting & grip. Nothing ever stolen or lost. Ever. I've seen my gear on the tarmac during a full downpour and I've seen it drop from the conveyor (at full height) as it got lodged in the baggage compartment doorway, and the Pelican cases did what they were supposed: no damage to anything.
I've seen all my TSA locks get hacked until I began using the cabled models
. Apparently TSA staffers know how to open & close those.
The worst I've seen my gear was when I flew out of Colorado Springs. They couldn't get one of my Pelican cases closed so they wrapped it in steel strapping.
Is everything insured? Of course. Including loss of income and cost of production due to stolen gear.
The one time we lost everything was at the St. Louis Arch monument. We parked in plain sight of God & everyone on Sullivan Blvd., yet the thieves smashed & grabbed everything is broad daylight. A few months later, St. Louis police called to say they retrieved some of our gear (they didn't, it was different bodies/lenses) and I asked why we were robbed in broad daylight. The cop said crime was the worst he'd seen it in the 15 years on the force, all due to the Nat. Monument not allowing firearms on the property (Missouri is a concealed carry state) and the thieves were going after guns & ammo. Armed robbery had escalated all over the downtown area to the point where the police force was required to wear body armor during all shifts.
So, I no longer stow gear near the Gateway Arch Monument.