Senator Katie Britt, R-Alabama, recently joined Senator Dave McCormick, R-Pennsylvania, and a bipartisan coalition of 22 other senators in introducing the Terrorism Risk Insurance Program Reauthorization Act of 2026 in the Senate Committee on Banking, Housing, and Urban Affairs.
The legislation would extend the 2002 Terrorism Risk Insurance Act, or TRIA, for seven years through 2034.
TRIA, last reauthorized in 2019, is set to expire in 2027. Congress originally passed the law in 2002 after the September 11 attacks to create a system of shared public and private coverage for losses resulting from certified acts of terrorism.
“For more than two decades, Congress has recognized the need for the Terrorism Risk Insurance Program,” Britt said in a recent press release. “While making sure American businesses have access to this protection is an unfortunate necessity in today’s world, it’s critical that Congress extend the program.”
“Today’s threat landscape clearly demonstrates that Congress cannot allow further lapses in this program,” the release said. “The Terrorism Risk Insurance Program Reauthorization Act of 2026 would extend TRIA by seven years. Acting before the program expiration date of December 31, 2027, provides long-term market certainty and prevents future gaps in coverage.”
In addition to Britt and McCormick, the bill’s other cosponsors are Senators John Kennedy, R-Louisiana; Tina Smith, D-Minnesota; Thom Tillis, R-North Carolina; Ruben Gallego, D-Arizona; Tim Scott, R-South Carolina; Jim Banks, R-Indiana; Mike Crapo, R-Idaho; Bill Hagerty, R-Tennessee; Cynthia Lummis, R-Wyoming; Bernie Moreno, R-Ohio; Pete Ricketts, R-Nebraska; Mike Rounds, R-South Dakota; Andy Kim, D-New Jersey; Chris Van Hollen, D-Maryland; Catherine Cortez Masto, D-Nevada; Kevin Cramer, R-North Dakota; Angela Alsobrooks, D-Maryland; Chuck Schumer, D-New York; Mark Warner, D-Virginia; Raphael Warnock, D-Georgia; and Lisa Blunt Rochester, D-Delaware.
Several insurance industry representatives also backed the legislation.
“TRIA is a proven public-private partnership that helps ensure the continued availability and affordability of terrorism risk insurance, supporting construction, development, and economic activity nationwide,” Sam Whitfield, senior vice president of federal government relations and political engagement for the American Property Casualty Insurance Association, said. “We urge the committee to advance this legislation and the full Senate to take action as soon as possible to avoid any potential market disruptions.”
“The Terrorism Risk Insurance Program is vital to ensuring continued construction and development in communities across the country,” Jimi Grande, senior vice president of federal and political affairs at the National Association of Mutual Insurance Companies, said. “In the more than 20 years since it was created, the program has made billions of dollars of development possible, and tens of thousands of jobs, and all at virtually no cost to taxpayers.”
If Congress passes the reauthorization, insurers would remain required to offer terrorism coverage, and the federal government would continue covering losses above a certain threshold through 2034.
