F1 governing body launches taskforce to tackle rising motorsport insurance costs

The FIA, global governing body for motorsport, has launched a new taskforce to tackle rising motorsport insurance costs.

The body claims that the motorsport sector has reported escalating premiums, restricted coverage and reduced access to insurance that risks the sustainability and growth of motorsport at a global level.

The committee has been tasked with reviewing this issue, utilising knowledge in this space from the FIA’s work in the mobility sector, and delivering clear guidance and practical solutions for members.

Specifically, it will examine the scale, scope and impact of challenges, identify the core issues and root causes, develop metrics and benchmarks to assess the financial and operational implications and evaluate the potential risk to the future of motorsport if left unaddressed.

President’s comments

The new taskforce has been initiated by FIA president Mohammed Ben Sulayem and is led by the Secretary Generals for Sport and Mobility.

Ben Sulayem said: “Our members are at the heart of everything we do at the FIA, delivering outstanding work worldwide in both sport and mobility. As their federation, it is our duty to provide clarity, guidance and representation in global governance on issues that shape the future of motorsport.

“The FIA is committed to ensuring motorsport and mobility are safe, sustainable, affordable and accessible, while driving global growth.

”Rising insurance costs risk limiting opportunities and undermining accessibility across the world. To address this, we must work hand in hand with our clubs, insurers and local authorities to deliver solutions that keep our sport safe, fair and sustainable for all.”

Secretary general for sport, Valerio Iachizzi, added: “Motorsport thrives on opportunity and accessibility.

”Rising insurance costs present a serious challenge to maintaining this ecosystem, particularly for grassroots competitors and organisers. Working closely with our clubs, promoters and insurers, the FIA is determined to safeguard pathways into our sport and ensure that motorsport remains open and achievable for future generations around the world.”