Aviation Insurance was first introduced in the twentieth century. The first-ever aviation insurance policy was underwritten at Lloyd’s of London in 1911. But the writing of such policies was short lived due to atmospheric condition type losses occurring at that time.
The first aviation polices were written by the marine insurance underwriting community . The first specialist aviation insurers go back to 1924.
In 1929 the Warsaw convention was signed. The convention was an international agreement to establish terms, conditions,objective target and limitations of liability for carriage by air.
The International Union of Marine Insurance (IUMI) first set up an aviation committee and later in 1933, the the International Union of Aviation Insurers (IUAI) was inaugurated. It was made up of eight European aviation insurance firms and pools.