US Senate passes TRIA reauthorization, must reconcile House differences
The Senate unanimously passed a bill to extend the federal Terrorism Risk Insurance Program through 2034. Lawmakers now need to reconcile differences with the House-passed bill before year-end.
By Mia MacGregor Sept 29 (The Insurer) — The US Senate unanimously passed a bipartisan bill on Monday that would extend the federal Terrorism Risk Insurance Program through 2034, with lawmakers now needing to reconcile differences with a bill passed by the House of Representatives. The Senate bill would extend the terrorism insurance backstop seven years beyond its current expiration date at the end of 2027. The measure, S. R.
7128, the TRIA Program Reauthorization Act of 2026, in a 375-15 vote. The Senate Banking Committee had voted unanimously earlier this month to advance the legislation, clearing the way for Monday's floor vote. Sam Whitfield, senior vice president of federal government relations and political engagement at the American Property Casualty Insurance Association (APCIA), said the Senate's action reflects strong bipartisan recognition that TRIA remains essential to maintaining economic stability, supporting investment and ensuring the availability of terrorism risk insurance.
“With strong bipartisan votes now achieved in both the House and Senate, Congress has sent a clear message that TRIA remains a national priority. ” Joe Peiser, CEO of risk capital for Aon, said the vote comes as businesses reassess a widening range of threats. " Insurers had pressed lawmakers to act quickly, warning that a lapse could disrupt coverage for major construction and infrastructure projects. "Insurance coverage is sold on a forward-looking basis, so the potential for disruption in the marketplace will soon get worse," said Jimi Grande, senior vice president of federal and political affairs at the National Association of Mutual Insurance Companies.
" TRIA was created after the September 11, 2001, attacks, when reinsurers pulled back capacity and insurers raised prices or excluded terrorism coverage, threatening financing for commercial property and infrastructure projects. Congress passed the Terrorism Risk Insurance Act in November 2002, establishing a federal loss-sharing mechanism and requiring participating insurers to offer terrorism coverage to commercial policyholders.