Senate Committee Introduces Bill to Extend Federal Terrorism Insurance Program
A bipartisan group of senators has introduced a bill to extend the federal terrorism risk insurance program for seven years. The Terrorism Risk Insurance Act (TRIA), initially established in 2002, was created to address insurers' exclusions of terrorism risks from commercial property and casualty insurance policies following the 9/11 attacks. The program is set to expire on December 31, 2027, and the new bill aims to ensure its continuation. Senators Dave McCormick, Tina Smith, Thom Tillis, and Ruben Gallego, along with over 20 cosponsors, presented the Terrorism Risk Insurance Program Reauthorization Act of 2026 in the Senate Committee on Banking, Housing, and Urban Affairs. The bill is designed to maintain the availability and affordability of terrorism risk insurance, which supports construction, development, and economic activity nationwide. The legislation requires insurers to offer terrorism coverage, with the government stepping in if losses from a certified terrorism event exceed certain thresholds... 
