Coalition Requests House and Senate Leadership to Extend TRIA Before the End of 2026

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The Honorable Mike Johnson Speaker Democratic Leader Washington, D.C. 20515	The Honorable Hakeem Jeffries U.S. House of Representatives U.S. House of Representatives Washington, D.C. 20515
The Honorable John Thune Majority Leader United States Senate Washington, D.C. 20510	The Honorable Charles E. Schumer Democratic Leader United States Senate Washington, D.C. 20510

The undersigned organizations, representing a wide variety of business interests, write to urge you to expeditiously extend the Terrorism Risk Insurance Act (TRIA) before the end of the year. Congress enacted TRIA in the wake of the tragic terrorist attacks on September 11, 2001, to restore the marketplace for terrorism risk insurance. Over the last 23 years, Congress has recognized the vital role that TRIA plays in maintaining that marketplace and has subsequently reauthorized the program on five separate occasions. We urge you to avoid market disruptions and continue the economic certainty provided by the program by including a 7-year extension of TRIA on any “must pass” legislation this year.

Waiting until the final year of the authorization to renew the program brings uncertainty to the insurance market. Insurers and policyholders are beginning to negotiate policies that extend beyond the program’s current expiration, December 31, 2027, and past delays have led to widespread conditional exclusions that eliminate terrorism insurance coverage for policyholders if the program has not yet been renewed. Additionally, as workers’ compensation cannot exclude terrorism coverage, firms operating in high-risk national security environments can face significant difficulty and extended negotiation timelines when placing coverage, especially given the potential for catastrophic, uncapped terrorism exposure.

Congress has already taken important steps to advance a long-term reauthorization. The House voted overwhelmingly in a 373-15 vote in June to advance a 7-year extension of the program (H.R. 7128). The Senate has its own 7-year extension (S. 4395), which has garnered over 30 bipartisan cosponsors since its introduction.

Importantly, both reauthorization efforts maintain the current TRIA structure – this is critical to ensuring that insurers of all sizes continue to participate in the market so that the capacity exists for policyholders looking to purchase coverage to protect against this particular risk.

The tragic terrorist attacks on September 11, 2001, fundamentally changed the landscape for insuring against the risk of terrorism in the United States. Struck with an inability to model frequency, location, and the potentially devastating scale of modern terrorism, insurers were forced to pull out of the marketplace, and in the months following the attacks, the inability of insurance policyholders to secure terrorism risk insurance contributed to a paralysis in the economy, especially in the construction, travel and tourism, and real estate finance sectors.

In response to this market disruption and broader economic uncertainty, Congress enacted TRIA to restore stability and ensure the continued availability of terrorism risk coverage. Since its initial enactment in 2002, TRIA has served as a vital public-private risk-sharing mechanism, ensuring that private terrorism risk insurance coverage remains available to commercial businesses, educational institutions, and non-profit organizations at virtually no cost to the taxpayer. TRIA fosters certainty in the marketplace and allows all of these interconnected elements of the economy to continue to move forward.

In 2026, the Treasury Department reported that “the Terrorism Risk Insurance Program continues to help make terrorism risk insurance available and affordable in the United States, and that the market for terrorism risk insurance has been relatively stable for some time since the enactment of TRIA.” The report goes on to say, “Treasury believes that were the Program to sunset, or even lapse for a period of time, significant disruption in the private insurance market could result that could spill over into other, unrelated lines of coverage, potentially delaying projects in critical sectors of the economy. The Program remains a critical tool that should continue to be utilized to maintain stable insurance markets and promote U.S. financial growth.” Without the backstop that TRIA provides, the private insurance market would simply be unable to provide adequate levels of terrorism risk insurance.

It is also important to note that federal threat assessments highlight risks to critical infrastructure sectors – such as real estate – that could cause cascading economic damage. As noted in the 2026 ODNI Annual Threat Assessment, “The U.S. continues to face a complex and evolving threat landscape with a geographically diverse set of Islamist terrorist actors seeking to propagate their ideology globally and harm Americans…”

Policyholders and insurers alike value certainty. The undersigned organizations strongly encourage Congress to provide certainty to the market by including a 7-year extension of TRIA on any “must pass” legislative vehicles this year.

Sincerely,

American Council of Engineering Companies American Land Title Association American Public Power Association American Society of Association Executives (ASAE) Building Owners and Managers (BOMA) International Commercial Real Estate Development Association CRE Finance Council Exhibitions & Conferences Alliance Independent Insurance Agents & Brokers of America International Safety Equipment Association Mortgage Bankers Association National Apartment Association National Association of Manufacturers National Association of Realtors National Multifamily Housing Council Reinsurance Association of America The Real Estate Roundtable U.S. Travel Association Wholesale & Specialty Insurance Association

American Hotel and Lodging Association American Property Casualty Insurance Association American Resort Development Association Associated General Contractors Coalition to Insure Against Terrorism Council of Insurance Agents & Brokers Edison Electric Institute ICSC International Franchise Association Major League Baseball (MLB) Nareit National Association of Home Builders National Association of Mutual Insurance Companies National Association of Waterfront Employers (NAWE) Real Estate Board of New York (REBNY) The Association of American Railroads U.S. Chamber of Commerce Vermont Captive Insurance Association