The House of Representatives voted 373-15 to extend the federal Terrorism Risk Insurance Program through 2034, sending bipartisan legislation to the Senate.

The measure, H.R. 7128, reauthorizes a program created after the September 11, 2001, terrorist attacks that provides federal backing for property and casualty insurers facing catastrophic losses from certified terrorism events. Private insurers must offer terrorism coverage to policyholders under the existing framework, while the Treasury Department shares losses above certain thresholds after a certified attack occurs.

What the Bill Does

The legislation extends the program for seven years beyond its current December 2027 expiration date. It also raises the certification threshold for terrorism events to $10 million in insured losses beginning in 2029, up from the current $5 million requirement.

The bill grants explicit statutory authority to the Treasury Department to publicly disclose its process for determining whether an event qualifies as terrorism under the program. Supporters say these updates strengthen taxpayer protections while maintaining the program’s core function.

Support From Business Groups

The U.S. Chamber of Commerce and the American Bankers Association have backed the reauthorization, arguing that predictable terrorism coverage supports lending for commercial real estate, construction activity, and large venues. Without reauthorization, analysts warn insurers could reduce terrorism coverage offerings, potentially raising costs or limiting availability in major metropolitan areas.

House Financial Services Committee Chairman Rep. French Hill, R-Ark., said the program protects consumers and enables economic growth.