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Aviation and Space Insurance (M91)

Aviation and Space Insurance (M91) develops an understanding of the risks and practices related to aviation and space insurance and related issues.

The default Enrolment option for this unit includes:

  • Latest version of the core learning content, in digital format only.
  • Assessment entry.

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Aviation as an insurance class, details of the types of coverage given for these risks, how this class is underwritten in practice, the legal and regulatory environment within which aviation claims arise, and the steps taken in adjusting these claims.

The study text reflects the evolution of the aviation and space insurance markets, including a section on cyber risks, expanded treatment of drones and the latest material on space tourism insurance.

This study text is intended for those with a basic understanding of the principles and practices of insurance. It does not require any previous technical knowledge of aircraft or the aerospace sector. This subject is also relevant for anyone, irrespective of whether they are involved in the insurance profession in an underwriting, broking, claims adjusting or service provision capacity.  

Building a successful career in insurance

This subject is also relevant for anyone involved in the insurance profession in an underwriting, broking, claims adjusting or service provision capacity to build knowledge and skills for a successful career in insurance or in a support function.

Aviation and Space Insurance (M91) counts towards a Diploma in Insurance. It may also count towards the Advanced Diploma in Insurance.

Please note it is assumed that you already have knowledge of the fundamental principles of insurance as covered in Insurance, Legal and Regulatory (IF1) or equivalent examinations.

Summary of learning outcomes 

  1. Know the main elements of aviation risk.
  2. Understand the main international and national measures impacting on aviation risk.
  3. Understand the scope of cover under the main and related classes of aviation insurance.
  4. Understand the market practices of aviation insurance.
  5. Understand risk assessment and underwriting of aviation insurance.
  6. Understand claims investigation, handling and settlement procedures in aviation insurance.
  7. Understand key aspects of space insurance.


  • Coursework assignment with 10 compulsory short answer questions; and a 60 minute exam comprising 50 multiple-choice questions (MCQs)
  • 60% coursework nominal pass mark
  • 65% exam nominal pass mark
  • The average pass rate for those completing Diploma in Insurance mixed assessment units in full is currently 91.2%

Study material - editions available

2021-22 edition (applicable to exams sat 01 May 2021 to 30 Apr 2022).