Aviation insurance is a very specialised industry, which differs in many way from other types of insurance. So how did the industry develop, and what is it like now?
The History of Aviation Insurance
Insurance for aircraft was first introduced in the early years of the 20th century, with the first aviation insurance policy being underwritten by Lloyds of London in 1911. However the company pulled out of the sector a year later after bad weather and crashes caused severe losses.
By 1933 the airline industry was well-established, and it was realised that there needed to be specialised insurance for it. The International Union of Marine Insurance set up an aviation committee, and by 1934 eight European insurance companies wee finally established, and the International Union of Aviation Insurers was set up.
Aircraft Hull Insurance