"The consensus was that the costs proposed were, at this time, unsustainable for most clubs in order to provide the required public liability cover to run our planned events," said Motorcycle Union of Ireland (Ulster Centre) chairman in a statement.
"The MCUI (UC) will, however, continue to pursue all options for the provision of public liability insurance, should they arise in the near future.
"We appreciate that this situation is far from ideal, however although we have been unable to secure the running of events for this year, this arrangement and decision will go a little way to at least allowing licence holders the opportunity to engage in competitive events, should they wish, with the appropriate cover and security."
The announcement follows a statement put out by Motorcycling Ireland earlier in the week which confirmed it was struggling to secure any insurance policies for the upcoming season, citing Brexit and their previous insurers decision to stop covering motorsport events as reasons for the problems.
However, following the announcement from MCUI (UC), the Coleraine and District Motor Club - organisers of the North West 200 – put out its own statement that the club was continuing its efforts to stage the event across 7th-13th May as originally planned, as well as an induction day for new competitors next Tuesday (14th February) and Meet the Stars race launch the following evening.