The Scandinavian Airlines System (SAS) jet which crashed into a Cessna light aircraft on the runway at Milan Airport on Monday, killing 118 people, was insured on the London Market through Aon.

Ace Global Market is thought to be the lead underwriter, with the plane covered for $1.75bn (£1.2bn) liability insurance and the hull valued at $18m (£12.3m).

The likely cause of the accident is a combination of thick fog and pilot error. But unions claim the accident would not have happened if the airport's ground radar system had been working.