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A bipartisan group of senators have introduced the Terrorism Risk Insurance Program Reauthorization Act of 2026 (S. 4395), a seven-year extension of the Terrorism Risk Insurance Act (TRIA) that would reauthorize the program through December 31, 2034.
The legislation was introduced by Senator Dave McCormick (R-PA), who was joined by Senators Tina Smith (D-MN), Thom Tillis (R-NC) and Ruben Gallego (D-AZ), along with a bipartisan group of 19 other cosponsors.
The Senate legislation follows House action earlier this year on H.R. 7128, the TRIA Program Reauthorization Act of 2026, which was approved by the House Financial Services Committee on a 51-2 bipartisan vote.
The legislation would provide long-term certainty for insurers, lenders, commercial real estate owners and businesses that rely on the federal terrorism risk insurance backstop to maintain access to affordable terrorism coverage. Congress created TRIA following the September 11 terrorist attacks, when private terrorism insurance markets rapidly withdrew from the market—a reminder that some risks are simply too large and unpredictable for the private sector to absorb alone.
ICSC members recently advocated for timely TRIA reauthorization during the 2026 Federal Fly-In meetings on Capitol Hill, where maintaining stability and certainty in the commercial real estate insurance market were key issues raised with lawmakers and staff.
Industry stakeholders continue to emphasize that terrorism risk insurance remains an essential component of commercial real estate finance and risk management programs and is often required by lenders and investors. Early reauthorization of the program is intended to avoid market disruption ahead of the current program’s scheduled expiration on December 31, 2027.
ICSC continues to work with other stakeholders through the Coalition to Insure Against Terrorism (CIAT) to support timely reauthorization of TRIA and preserve stability in the commercial real estate and insurance markets.
For more information contact Andy Fishburn at afishburn@icsc.com.