The U.S. House of Representatives has overwhelmingly passed legislation to extend the public-private partnership to insure terrorism risk though 2034.
The TRIA Program Reauthorization Act of 2026 (HR 7128), sponsored by Mike Flood, R-Neb., passed by a vote of vote of 373-15 late on June 29.
Before the vote, the National Association of Mutual Insurance Companies (NAMIC) sent a letter to the House cosigned by others including the Coalition to Insure Against Terrorism, Council of Insurance Agents & Brokers, Independent Insurance Agents & Brokers (Big “I”), and the Reinsurance Association of America.
In a separate statement, NAMIC’s Jimi Grande, senior vice president of federal and political affairs, said the terrorism insurance backstop “has enabled virtually every large-scale development anywhere in the country over the past quarter-century – stadiums, factories, commercial buildings, power and physical infrastructure, or transportation hub – and the jobs needed to build and staff them, all at no cost to the taxpayers.”
Related: Insurance Industry Reps Back Reauthorization of Federal Terrorism Backstop
A federal backstop for terrorism risk was first initiated late in 2002 by the Terrorism Risk Insurance Act (TRIA) to respond to insurers’ exclusions of terrorism risks from commercial property/casualty insurance policies following losses from 9/11. TRIA has been reauthorized several times, the latest at the end of 2019. It is due to expire again on Dec. 31, 2027.
The measure was widely supported by insurance industry trade associations. Sam Whitfield, senior vice president of federal government relations and political engagement for the American Property Casualty Insurance Association (APCIA), said the bill maintains vital economic protections against acts of terrorism.
“We appreciate that the House is acting early in the process,” he said in a statement. “By moving now, it helps prevent the uncertainty and confusion that would occur if Congress waited until 2027.”
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