IOM Road racing insurance costs rise by 18%

Insurance to cover this year's road racing events has risen by 18%.

Enterprise Minister Tim Johnston revealed the figure in Tynwald this week - confirming the 2023 policy will cost £930,000 - up from £790,000 last year.

The cost covers the likes of the TT, pre-TT, MGP and Southern 100.

It comes following the news of the cancellation of road racing events in Ireland, due to soaring insurance costs.

He described rising costs as a 'challenge' for motorsport events but adds his department has a 'clear strategy in place' to grow and diversify the TT.