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Insurers seek TRIA deal as Senate advances long-term extension
Insurance trade groups said Congress needs to reconcile two TRIA bill versions before year-end to deliver a long-term reauthorization.
Insurance trade groups have welcomed the Senate’s unanimous passage of a long term extension of the Terrorism Risk Insurance Act, with their attention now focused on bridging differences between House and Senate versions ahead of year end, Insurance Business reports.
The Senate cleared the Terrorism Risk Insurance Program Reauthorization Act of 2026 by unanimous consent late on September 28, after a unanimous 24 to 0 vote in the Senate Banking Committee earlier in the month, according to Insurance Business.
The American Property Casualty Insurance Association called the vote evidence of bipartisan support for the terrorism insurance backstop, saying TRIA has protected businesses, taxpayers, and the wider economy for more than two decades at virtually no cost to the public purse.
APCIA senior vice president Sam Whitfield said timely renewal would provide the certainty insurers, lenders, employers, and developers rely on, and urged lawmakers to reconcile any differences between the bills and deliver the reauthorization to the President.