The insurance bill to cover all road racing events this year is £930,000.

Newly appointed Enterprise Minister Tim Johnston says it’s an 18% increase from last year, when it cost £790,000.

The insurance premium cost covers all motorcycle road racing events in the island, including the TT, S100, pre-TT and MGP.

He was asked in Tynwald this week by Arbory, Castletown and Malew MHK Jason Moorhouse whether insurance is in place to allow the TT and other races to take place in 2023.

Mr Johnston said: ‘I am pleased to confirm that insurance cover for the TT and other motorcycle road racing events, scheduled to be held in the Isle of Man in 2023 is in place.

‘This cover is provided to the race organiser by a permit issued by the Auto Cycle Union, the governing body for motorcycle sports in the UK and Isle of Man.’

It follows the Motorcycle Union of Ireland Ulster Centre launching a rescue bid for the races after insurance costs led to their cancellation.

‘I appreciate that the recent news emanating from Northern Ireland regarding road racing events will have been of concern for TT fans, local residents and businesses,’ said Mr Johnston.

‘Increasing costs are a challenge for all motorsport events and such challenges are amongst the many reasons why the department has a clear strategy in place to continue to grow and diversify the audience for the TT, in turn generating additional income and broader exchequer benefit to ensure the long-term sustainability of the event.’

The minister was asked about plans for 2024, to which he said there are ‘ongoing discussions’.

He added: ‘We recognise and have seen what’s happened in Northern Ireland, it’s increasingly high cost and that’s why it’s key we have a strategy in place to grow the TT and bring in the revenues we need.’

Mr Johnston also answered a written question on the subject, saying it is ‘difficult to accurately predict’ what impact the Northern Ireland situation will have here.

He said: ‘The Department expects the impact on the TT to be minimal as very few TT teams and competitors now contest the national level events in Northern Ireland.

‘It is expected these teams will substitute that event for other events in the UK and Europe should it not take place.

‘There may be more impact at events such as the Southern 100 and the Manx Grand Prix through an increase in the number of competitors, with a greater proportion of competitors at these events traditionally competing in Northern Ireland, albeit a small proportion of the overall number.’