The U.S. House Financial Services Committee’s Housing and Insurance Subcommittee held a hearing to examine the structure and operation of the Terrorism Risk Insurance Program under the Terrorism Risk Insurance Act (TRIA), positioning the session as an initial step toward considering reauthorization ahead of the program’s expiration on December 31, 2027. In opening remarks, Subcommittee Chair Mike Flood framed the hearing around understanding how the program has evolved, what is working, and where it could be improved. He highlighted two priorities for any reauthorization work: providing certainty for insurers and insureds to continue offering terrorism risk coverage at a reasonable cost, and limiting taxpayer exposure. The remarks also noted that, since the program’s creation in November 2002 and subsequent reauthorizations in 2005, 2007, 2015 and 2019, there has never been a certified act of terrorism by the U.S. Department of the Treasury and no event has met the program’s financial trigger.
U.S. Financial Services Committee 2025-09-17
U.S. House Financial Services Committee holds hearing on the Terrorism Risk Insurance Act ahead of its 2027 expiry
The U.S. House Financial Services Committee’s Housing and Insurance Subcommittee held a hearing to assess the Terrorism Risk Insurance Program under the Terrorism Risk Insurance Act, as a precursor to potential reauthorization before its expiration in 2027. Subcommittee Chair Mike Flood emphasized the need for reauthorization to ensure affordable terrorism risk coverage and limit taxpayer exposure. Since its inception in 2002, the program has not been triggered by a certified act of terrorism.