Insurance brokers Aon, Willis and Marsh have announced a joint project called Eurotime - a European version of the US Equitime scheme to provide airlines with cover for war risks.
This will take over from European governments' cover arrangements, the majority of which are due to expire at the end of this month.
This will enable European airlines to continue to compete with their American counterparts.
The Eurotime scheme will be temporary - it is expected to last for around three years when it is hoped it could be replaced by a permanent solution.
The project was unveiled by the brokers at a meeting of the European Aviation Association in Brussels.
