sentences:  The convention was an agreement to establish terms, conditions, and limitations of liability for carriage by air; this was the first recognition of the airline industry as we know it today.Realising that there should be a specialist industry sector, the International Union of Marine Insurance (IUMI) first set up an aviation committee and later in 1934 created the International Union of Aviation Insurers (IUAI), made up of eight European aviation insurance companies and pools.The London insurance market is still the largest single centre for aviation insurance.