A European pilot writes:

It is impossible to find European travel insurance, for medical
and repatriation search and rescue, that covers competitions with prize money.
We can compete for material prizes, even if they are valuable. Somehow that is
not regarded as a problem. The issue is when the competition is regarded as
professional rather than amateur.

This kind of insurance is not at all available to US pilots when
they travel to Europe or to Australia. You can purchase normal travel insurance,
but it excludes hang gliding and paragliding.

Hang gliding is not a professional sport even if now and then prizes are
available to pilots.

Wait, a minute, I spoke with another European pilot and he stated that the pilot
quoted above is incorrect. He claimed that he and other pilots have flight
insurance that has world wide coverage and covers all competitions, medical,
rescue and repatriation, whether there is prize money or not.