Background / History

On 23 March 2005 the European Commission announced that "Following an investigation by the European Commission, leading European aviation insurers have undertaken to reform their practices as regards the operation of aviation insurance in order to promote more competition and transparency. The reforms foresee inter alia greater transparency in key industry committees based in London, including one that establishes standard wordings for aviation insurance policies and clauses".

The Aviation Insurance Clauses Group (AICG) was established in June 2005 by the Lloyd's Market Association and the International Underwriting Association of London.  The AICG establishes non-binding standard wordings, clauses and variants for use in aviation insurance policies.  Users are consulted on proposed clauses and can propose variant clauses themselves.  The minutes of the AICG meetings and draft wordings and clauses are published on this AICG website.  This has significantly increased transparency for air carriers.