FOR IMMEDIATE RELEASE
April 28, 2026
CONTACT:
Kyra Smith (Crapo)
Washington, D.C.—U.S. Senator Mike Crapo (R-Idaho) joined U.S. Senators Dave McCormick (R-Pennsylvania), Tina Smith (D-Minnesota), Thom Tillis (R-North Carolina) and Ruben Gallego (D-Arizona) to introduce the bipartisan Terrorism Risk Insurance Program (TRIA) Reauthorization Act of 2026, which is essential to economic security by safeguarding the availability of terrorism risk coverage.
“Lack of insurance coverage had a destabilizing effect on the U.S. economy in the wake of the September 11, 2001, terrorist attacks,” said Crapo. “TRIA has made coverage for terrorism risk insurance more available and affordable in Idaho and across the nation. This reauthorization ensures continued private-sector responsibility and safeguards our economy against potential future threats.”
Following the attacks on September 11, 2001, most states began allowing terrorism risk to be excluded from commercial insurance policies, leaving businesses and industries without access to coverage. Since insurance is a precondition for commercial lending and real estate transactions, this gap in coverage threatened broad economic damage across real estate, construction, energy, transportation and related industries. Congress responded by passing the Terrorism Risk Insurance Act of 2002 (TRIA), creating a federal reinsurance backstop to stabilize the private market and ensure that commercial policyholders could continue to obtain terrorism risk coverage.
The private insurance market has relied on the TRIA backstop ever since. When TRIA briefly lapsed in December 2014, terrorism exclusions that insurers had pre-filed with state regulators took effect automatically, making terrorism coverage effectively unavailable across commercial policies nationwide. As a result, terrorism risk coverage was removed from policyholders immediately and without notice. Given that the current threat landscape remains elevated, allowing a similar lapse in terrorism coverage would expose policy holders to unnecessary financial risk and uncertainty.
The Terrorism Risk Insurance Program Reauthorization Act of 2026 would extend TRIA by seven years. Acting before the program expiration date of December 31, 2027, provides long-term market certainty and would prevent policyholders from facing a gap in coverage.
This bill is co-sponsored by Senators Tim Scott (R-South Carolina), Jim Banks (R-Indiana), Katie Britt (R-Alabama), Bill Hagerty (R-Tennessee), John Kennedy (R-Louisiana), Cynthia Lummis (R-Wyoming), Bernie Moreno (R-Ohio), Pete Ricketts (R-Nebraska), Mike Rounds (R-South Dakota), Andy Kim (D-New Jersey), Chris Van Hollen (D-Maryland), Catherine Cortez Masto (D-Nevada), Kevin Cramer (R-North Dakota), Angela Alsobrooks (D-Maryland), Chuck Schumer (D-New York), Mark Warner (D-Virginia), Raphael Warnock (D-Georgia) and Lisa Blunt-Rochester (D-Delaware).
As former Chairman of the U.S. Senate Banking Committee, Crapo championed and secured reauthorization of the program in 2019 and 2015.
The Terrorism Risk Insurance Act is also backed by the following stakeholders: Aerospace Industries Association, American Association of Port Authorities, American Bankers Association, American Council on Education, American Council of Engineering Companies, American Gaming Association, American Hotel and Lodging Association, American Land Title Association, American Property Casualty Insurance Association, American Public Gas Association, American Public Power Association, American Resort Development Association, American Society of Association Executives, Associated General Contractors of America, Association of American Railroads, Association of Art Museum Directors, Bank Policy Institute, Building Owners and Managers Association International, Commercial Real Estate Finance Council (CRE Finance Council), Community Associations Institute, Council of Insurance Agents and Brokers, Edison Electric Institute, Food Marketing Institute, Independent Insurance Agents & Brokers of America, Innovating Commerce Serving Communities, Institute of Real Estate Management, International Franchise Association, International Safety Equipment Association, Long Island Import Export Association, Mortgage Bankers Association, NAIOP, Nareit, National Apartment Association, National Association for Stock Car Auto Racing (NASCAR), National Association of Chain Drug Stores, National Association of College and University Business Officers (NACUBO), National Association of Home Builders, National Association of Mutual Insurance Companies, National Association of REALTORS, National Association of Waterfront Employers, National Council of Chain Restaurants, National Electrical Contractors Association, National Football League, National Hockey League, National Multifamily Housing Council, National Restaurant Association, National Retail Federation, National Roofing Contractors Association, National Rural Electric Cooperative Association, New England Council, Office of the Commissioner of Baseball, Partnership for NYC, Public Utilities Risk Management Association, The Real Estate Board of New York, The Real Estate Roundtable, Reinsurance Association of America, Taxicab, Limousine & Paratransit Association, University Risk Management and Insurance Association, U.S. Chamber of Commerce, U.S. Travel Association.Read the full bill text here.
About Mike Crapo
Senator Mike Crapo has represented Idaho in the Senate since 1999, following three terms in the U.S. House and eight years in the Idaho State Senate. A lifelong Idahoan, he currently serves as Chairman of the Senate Finance Committee.
