The House approved legislation to extend the federal Terrorism Risk Insurance Program through 2034 in a 373-15 vote, maintaining federal backing for commercial insurers facing catastrophic losses from certified terrorist attacks.
H.R. 7128, the TRIA Program Reauthorization Act of 2026, now moves to the Senate for consideration. The program, created after the September 11, 2001 terrorist attacks, requires private insurers to offer terrorism coverage while the Treasury Department shares losses exceeding certain thresholds following certified events.
Program Details and Updates
The legislation extends the program’s authorization for seven additional years beyond its current expiration at the end of 2027. It raises the certification threshold for terrorism-related events from $5 million to $10 million in required insured losses beginning in 2029.
The bill also grants explicit statutory authority to the Treasury Department to issue public notifications about its process for determining whether events qualify as terrorism under the program. “The purpose of TRIA is spelled out in the original law,” House Financial Services Committee Chairman Rep. French Hill, R-Ark., said during floor debate. “The law states that TRIA is designed to provide for a transparent system of shared public and private compensation.”
Bipartisan Support and Industry Backing
Business groups including the U.S. Chamber of Commerce and the American Bankers Association have supported the reauthorization. They argue that predictable terrorism coverage supports lending for commercial real estate projects and large venues that generate millions of jobs across construction, property management, retail, and hospitality sectors.
Rep. Mike Flood, R-Neb., the bill’s sponsor and chairman of the House Financial Services Subcommittee on Housing and Insurance, emphasized the need for safeguards. “If this program is going to continue to exist with a public backstop, we should ensure we update its charter to protect taxpayers in the event of future claims,” Flood said.
Why This Matters
No claims have ever been paid under TRIA since its inception, a point supporters cite as evidence of its deterrent role. Without reauthorization, analysts have warned that insurers could reduce terrorism coverage offerings, raising costs or limiting availability for businesses in major metropolitan areas.