The aim of the present study was to identify the challenges and strategies for encouraging and attracting the insurance industry to sports. This research, from a paradigm perspective, is a type of interpretive research with a qualitative approach, thematic analysis strategy, and exploratory purpose. The participants in this study were experts in the fields of sports management, marketing, and the national insurance industry, selected through purposive sampling and the snowball method, with a total of 14 individuals considered as the sample size. The data collection tool was in-depth and semi-structured interviews, and the analysis of these interviews was conducted using the open and axial coding process through MAXQDA software version 2022. The Cohen's kappa reliability for four interviews was calculated to be 0.79. The qualitative analysis results revealed 26 initial statements with an importance coefficient of 41, categorized into 4 main categories: technical and specialized challenges with an importance coefficient of 12, legal challenges with an importance coefficient of 7, structural challenges with an importance coefficient of 11, and financial challenges with an importance coefficient of 9, identified as barriers to encouraging and attracting the insurance industry to the sports sector in Iran. Additionally, the Shannon matrix results showed 140 initial statements with a total frequency of 311, categorized into 26 concepts and 7 main categories, identified as effective strategies for encouraging and attracting the insurance industry to the sports sector in Iran. The strategies and approaches presented in this study can contribute to creating a strong supportive ecosystem for athletes and the sustainable development of the insurance industry in the sports sector.