The Fédération Internationale de l’Automobile (FIA), which oversees Formula 1 and other motorsports, has set up a new task force to tackle soaring insurance costs that are hitting the sport hard. Announced by FIA President Mohammed Ben Sulayem, the group aims to find ways to make insurance more affordable and keep motorsport accessible at every level.
Rising insurance premiums have become a major concern, especially for grassroots events and smaller organizers. The costs are climbing so fast that many fear the growth of the sport could slow down. The task force will bring together experts from different parts of the FIA, including those focused on both motorsport and everyday mobility. It will be co-led by Valerio Iachizzi, the Secretary General for Sport, and Willem Groenewald, Secretary General for Mobility and Sustainability, with help from member clubs and insurance professionals.
Ben Sulayem said the goal is to work closely with clubs, insurers, and local authorities to find solutions. “Rising insurance costs risk limiting opportunities and undermining accessibility across the world,” he said. Iachizzi highlighted how tough this problem is for community racing and entry-level competitions, where insurance hikes could threaten their survival. Groenewald added that lessons from working with governments and insurers in the wider mobility sector could help motorsport manage these challenges.
This initiative comes as insurance costs are climbing not just in motorsport, but across the auto insurance market in general. In the U.S., premiums jumped more than 20% between early 2023 and 2024, driven by higher costs for repairs, medical claims, and legal expenses. Although the pace of increase has slowed this year, the pressure remains.
The FIA task force will look closely at how these rising costs and shrinking coverage affect the sport. They plan to identify the root causes and come up with ways to keep insurance affordable. An interim report is expected at the FIA’s annual meeting in Tashkent, Uzbekistan, this December.
Beyond just motorsport, the group’s work could offer a model for cooperation between regulators, event organizers, and insurers on fair and sustainable insurance pricing. For now, the focus is clear: make sure motorsport stays safe, fair, and accessible for everyone, from the smallest local races to the biggest global events.