TRIA ensures US businesses can obtain the terrorism risk insurance coverage necessary to protect against the devastating consequences of a catastrophic terrorist attack.
In the wake of 9/11, more than 300,000 US jobs were lost due to the lack of terrorism risk insurance in the marketplace. TRIA ensures the long-term stability of commercial property financing, construction and other job-creating industries.
TRIA has cost US taxpayers virtually nothing. Insurers and policy holders are required to bear first dollar losses and meet deductibles before the federal government steps in.
Congress has reauthorized TRIA four times with overwhelming, bipartisan support, most recently in December 2019.
The Coalition to Insure Against Terrorism files comments in response to the Request for Comment published in the March 30, 2022 Federal Register, 87 Fed. Reg. 18473, on the effectiveness of the Terrorism Risk Insurance Program.
Congress passed TRIA to ensure that terrorism risk insurance coverage would remain available and affordable, and since that time, the program has been effective at doing just that.