I know here it's kind of rare for neutral fails, we do get them but not as much as line fails, most are damaged when the utility knifed the laterals in and skinned the neutral exposing the conductor, some very rare are ground boring rodents that can chew into the insulation, while a hot conductor can burn off in a matter of weeks, a neutral will depend upon how much voltage drop it has, and can take as long as a few years, the last one I ran into took a year and 3 months from the point the utility put it in the ground, we took photo's for the home owner to document it was an installation problem that caused the damage so the utility had to replace the electronics that was damaged.
As far as conduit goes, about the only thing it will protect against is the rodents and hand shovels.:roll: