The International Civil Aviation Organisation (ICAO) is set to decide today whether to improve its proposed aviation reinsurance mutual, Globaltime, to get more countries on-board.
ICAO is set to alter Globaltime in a bid to match the aviation cover available to US airlines, under recent US legislation.
Ken Coombes, senior vice-president of broker Marsh's aviation division; said Globaltime was less attractive than the US government's cover.
He said that Japan's support for the mutual was critical. Japan accounts for 14.36% of ICAO votes and Coombes said that Globaltime has so far received 45.36% of acceptance from ICAO states.
The US accounts for 25% of voting power but is believed to be almost certain not to back Globaltime, because US airlines can get a better deal from their government.
Coombes said: "If Globaltime does not happen it will be exactly the same as after 11 September.
"Many governments are nevertheless keen on operating their own schemes rather than taking part in international aviation (re)insurance."
