Looking to ensure the longevity of a worthwhile federal program, the insurance industry has c
ontinued to lobby in favor of the TRIA Program Reauthorization Act of 2026.
The legislation (HR 7128)—sponsored by Mike Flood, R-Neb., and cosponsored by Andrew G
arbarino, R-N.Y.—moved forward out of the House Financial Services Committee following a Jan. 22 vote of 51-2.
Editor’s Note: This story has been updated to include the vote, plus additional comments.
“Maintaining this backstop is critical to preventing market disruptions and preserving the progr
am’s vital economic protections against acts of terrorism,” said David A. Sampson, president an
d CEO of the American Property Casualty Insurance Association (APCIA). “The strong bipartisan vote is a testament to the program’s proven record of effectivenes
s over more than two decades. We look forward to working with lawmakers to perfect this critical legislation as it moves forward.”
Jimi Grande, senior vice president of federal and political affairs for the National Association of M
utual Insurance Companies (NAMIC), said TRIA “helps ensure that terrorists will not be able to shut
down the U.S. economy,” and the trade association urged the full House to act on the legislation as quickly and decisively.
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“Virtually every office building, arena or stadium, transportation hub or energy infrastructure
built in the last two decades exists is in part because TRIA made insurance coverage availab
le,” Grande added. “Untold bil
lions in economic activity, and thousands of jobs, were made possible by the program, and at almost no cost to the taxpayers.”
A federal backstop for terrorism risk was first initiated late in 2002 by the Terrorism Risk Insurance Act to respond to insurers’ exclusions of terrorism risks from
commercial property/casualty insurance policies following losses from 9/11. The change put constructi
on projects on hold since financers required the insurance
This latest reauthorization bill extends the terrorism insurance program for seven years. TRIA has been reauthorized several times, the latest at the end of 20
19. It is due to expire again on Dec. 31, 2027. This reauthorization act would extend TRIA through 2034.