Motorsport’s global governing body has launched a new initiative to confront mounting insurance costs that many organisers say are threatening the viability of events at every level.
The Fédération Internationale de l’Automobile (FIA) this week unveiled its Motorsport Insurance Task Force, chaired by FIA President Mohammed Ben Sulayem and co-led by Valerio Iachizzi, Secretary General for Sport, and Willem Groenewald, Secretary General for Mobility and Sustainability.
The task force has been charged with examining steep premium increases, tightening cover and shrinking insurer appetite — pressures that mirror challenges familiar to Australian underwriters and brokers.
“Our Members are at the heart of everything we do at the FIA,” Ben Sulayem said in a statement. “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.”
Iachizzi noted the particular vulnerability of community racing and grassroots competition, where higher premiums can quickly erode entry points into the sport. Groenewald added that the federation’s mobility arm brings experience from dealing with consumer affordability issues and regulatory negotiations that can be applied to motorsport.
For local insurance professionals, the FIA’s intervention underscores a broader reality: motor-related insurance worldwide has been under extraordinary strain. In Australia, the Insurance Council of Australia reported in March that average motor premiums had surged by more than 40 per cent over the past five years, with repair complexity, labour shortages and accident management costs all contributing to the rise.
Motorsport cover, already highly specialised, is particularly exposed. Policies often must address catastrophic bodily injury, property damage and third-party liability under time-critical conditions. As costs climb, organisers face stark choices about scaling back events or absorbing expenses that flow through to competitors and fans.
The FIA committee will review the scope of the problem, develop benchmarks to measure financial impact and deliver practical recommendations to its member clubs. An interim report is scheduled for December at the federation’s annual meeting in Tashkent, Uzbekistan.
For Australian insurers, brokers and reinsurers with motorsport exposure, the FIA’s work could set global reference points for policy wording, pricing methodologies and engagement with governments.
At the same time, the initiative offers a reminder of the interconnectedness of insurance markets. The same inflationary pressures pushing up comprehensive premiums in Sydney or Melbourne — from technology-laden vehicles to supply chain disruption — are also reshaping how underwriters view the risks of a Formula One weekend or a state-level rally meet.
With margins tight and clients demanding affordable access, insurers are likely to welcome any international effort that promises clarity, benchmarks and a roadmap for sustainability. The FIA’s task force will not deliver immediate relief, but for an industry seeking stability after years of upheaval, it may offer the first step towards a more predictable global framework.
