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House passes TRIA reauthorization, extending terrorism backstop to 2034
The bill would also lift the certification loss threshold to $10 million from 2029, adding new notification steps for insurers during the process.
The federal backstop underpinning US terrorism insurance is set to extend beyond 2027 after the House passed the TRIA Program Reauthorization Act of 2026 in June, a vote of 373-15, according to Insurance Business.
The legislation would extend the Terrorism Risk Insurance Program through 2034, raise the minimum loss required for an event to be certified from $5 million to $10 million beginning in 2029, and require notifications during the certification process. A separate Senate bill, S. 4395, would also extend the program to 2034 without the certification threshold and notification changes.
Insurance Business notes that while the current authorization runs through December 31, 2027, early action can affect how coverage is placed for commercial property owners, construction projects, and major venues. That is because financing agreements often require terrorism insurance, and uncertainty about reauthorization could lead insurers to pull back coverage, raise prices, or add restrictive exclusions.
Triple-I quoted Mark Friedlander, saying that underwriting requirements and the post-9/11 withdrawal of terrorism capacity disrupted lending and construction once insurers excluded the risk. He also pointed to 9/11 insured losses of about $59 billion in 2024 dollars across all lines, and said terrorism coverage take-up is estimated at roughly 60% to nearly 80%, depending on how it is measured.