This is a useful discussion for members, because it appears that we may have some very different experiences to contribute.
I have never seen a LP hose catastrophically 'blow' - certainly not saying it cannot, or does not, happen, only that I haven't experienced it, or even seen it, myself. So, I would look at a catastrophic hose failure as a low probability event, based on MY experience.
I have seen multiple cases where a LP, or HP, hose starts to 'bubble' - i.e. somewhere along the hose the inner casing develops a hole and starts venting gas that then very small bubbles seep through the rubber outer casing, usually in several places along the casing, and not necessarily where the actual internal failure resides. I have to periodically replace hoses that do that. I tell students and fellow divers that they cannot expect hoses to last forever, even with 'care'. And, the failures that I have seen, or personally experienced, have usually occurred without any prior visible external sign of a physical defect, i.e. one that some kind of inspection would have 'caught' before the dive. That is also not to say that divers should not regularly inspect their gear, only that even with regular inspection, leaks may develop, at least in MY experience.
It would be interesting to see any actual data, although I doubt that hard data exist. Much of what we 'know' is anecdotal.