Kathmandu. U.S. lawmakers are pushing for long-standing insurance renewals for terrorism-related risks. <\/p>\n
The Senate Banking Committee voted unanimously to advance legislation to reauthorize the federal Terrorism Risk Insurance Act (TRIA). This paves the way for a vote in the full Senate. <\/p>\n
S. 4395, or the Terrorism Risk Insurance Program Reauthorization Act of 2026, passed the committee by a 24-0 margin and will now be introduced in the Senate. The TRIA was first created after the September 11 attacks. When private insurance companies largely backed away from insuring terrorism-related risks. <\/p>\n
Since then, the program has provided a government-backstop. It has kept insurance coverage available and affordable for businesses, commercial real estate, and large construction projects. Without it, many insurance companies have warned that the market could come to a standstill again. Costs go up and make financing for large development projects difficult. <\/p>\n
The current approval is set to expire at the end of 2027. Industry groups have urged Congress to act well before that deadline to avoid any uncertainty that could affect policy and project planning in the coming years. <\/p>\n
The U.S. federal parliament passed its version of this reauthorization earlier this year with overwhelming bipartisan support. The two chambers still need to resolve some differences, including an extension period and some certification requirements, before the final bill can reach the president. <\/p>\n
Supporters of both sides have called the program necessary for economic stability. They say about 60 percent of U.S. businesses have insurance coverage against terrorism-related risks, and if it stops, it could disrupt homebuilding and business activity across the country. <\/p>\n
Trade associations representing property and casualty insurance companies, agents and reinsurance companies welcomed the committee’s move and called for the long-term extension to be passed as soon as possible. The committee’s vote comes as MPs commemorate the anniversary of the attacks that led to the creation of the program. <\/p>\n
The legislation will now go to the full Senate. It is expected to pass easily if differences with the House bill can be resolved with bipartisan support. \u2013 Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. U.S. lawmakers are pushing for long-standing insurance renewals for terrorism-related risks. The Senate Banking Committee voted unanimously to advance legislation to reauthorize the federal Terrorism Risk Insurance Act (TRIA). This paves the way for a vote in the full Senate. S. 4395, or the Terrorism Risk Insurance Program Reauthorization Act of 2026, passed the […]<\/p>\n","protected":false},"author":16,"featured_media":316393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45044,45159],"tags":[],"class_list":["post-316394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/316394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=316394"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/316394\/revisions"}],"predecessor-version":[{"id":316395,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/316394\/revisions\/316395"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/316393"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=316394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=316394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=316394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}