TRIA Renewal Update
November 25, 2025
While the shutdown has delayed congressional action on many priorities, CREFC and other trade organizations continue to meet with offices and urge a clean, long-term reauthorization of the Terrorism Risk Insurance Act (TRIA).
Why it matters: The federal backstop allows the private market to provide affordable terrorism insurance policies. As we’ve previously covered, TRIA does not expire until after Dec. 31, 2027, but advanced reauthorization provides stability to the policyholder and insurance provider community ahead of policy renewals.
What they’re saying: CREFC is a member of the Coalition to Insure Against Terrorism (CIAT), which has worked in previous cycles to reauthorize and reform the program. Over the past few months, CIAT members, the insurance community, and CREFC have been holding meetings to educate Congressional staff and offices about the program and address any potential questions or concerns.
- Thus far, offices have largely been supportive of the program and a clean, long-term reauthorization. Advocates have pointed to reforms made in 2014 that gradually shift risk from taxpayers to the private sector and allow for recoupment mechanisms in the event of a payout.
- While TRIA received broad, bipartisan support at a September hearing, there are a number of new members to the House Financial Services Committee and Congress since the program was last reauthorized in 2019, bringing some uncertainty.
- During CREFC’s Nov. 5 Fly-in, our members spoke about the program with House and Senate offices.
What’s next: The House Financial Services Committee is expected to act on reauthorization legislation in the coming months. While the Senate has not yet held hearings on TRIA this Congress, early House action will set the stage and give the Senate ample time to act ahead of the 2027 EOY deadline.