While more people died in air accidents in 2014 than in previous years, the rate of fatalities per flight dropped to its lowest point on record, the aviation body said.
"Despite aviation safety being in the headlines through much of 2014, flying is safe, and even importantly we are working to make it even safer," IATA head Tony Tyler said in a speech in Hong Kong.
That translates into "hull losses" -- when an accident is so bad the plane cannot be repaired -- of 0.23 per million flights, or one every 4.4 million flights. Over the past five years, that has averaged 0.58 per million flights.
Last year saw a series of high-profile air accidents, including the mysterious disappearance of Malaysia Airlines Flight MH370 with 239 passengers and crew on board and en route from Kuala Lumpur to Beijing in March.
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"The industry is united in understanding it's got to do something to improve its tracking (equipment)," he said, adding that flying remains "the safest way to travel".
Measures will include requiring aircraft to report their positions every 15 minutes, and exploring how to use space-based technologies to track flights, he said.
The IATA figures also did not take into account the shooting down of Malaysia Airlines flight MH17 over Ukraine in July as it was not an accident. All 298 people on board were killed.
In December, an AirAsia jet crashed into the Java Sea while flying from Indonesian city of Surabaya to Singapore, killing all 162 people on board.