While lost luggage is a concern for all travelers, it's relatively uncommon for airlines, including Southwest, to permanently lose checked bags. Most baggage issues involve delays rather than complete loss. Southwest, like other major airlines, handles millions of bags daily, and the percentage of bags mishandled (delayed, damaged, or lost) is typically less than 1%. 

Here's a more detailed look:

• Low Mishandling Rate:
  Southwest's mishandling rate is around 0.45%, meaning less than half a percent of checked bags are mishandled. 

• Delayed vs. Lost:
  Most baggage issues involve delays (bags arriving late) rather than permanent loss or theft. 

• Factors Increasing Mishandling:
  Certain factors can increase the risk of luggage issues, such as connecting flights, especially with multiple airlines or layovers. 

• Compensation:
  Airlines are generally liable for lost, delayed, or damaged baggage, but compensation amounts may vary and are often subject to depreciation. 

• Prevention:
  Travelers can take steps to minimize the risk of luggage issues, such as ensuring proper identification on bags and avoiding tight connections.