Senator John Kennedy (R-La.) announced on Apr. 29 that he, along with Senators Dave McCormick (R-Pa.), Tina Smith (D-Minn.), Thom Tillis (R-N.C.), Ruben Gallego (D-Ariz.) and other colleagues, introduced the Terrorism Risk Insurance Program Reauthorization Act of 2026. The legislation aims to extend the Terrorism Risk Insurance Act for seven years, ensuring there is no lapse in terrorism risk coverage for businesses.
The extension of this program is considered important as it helps protect American businesses from financial uncertainty in the event of a terrorist attack. Without such coverage, businesses could face significant losses and taxpayers might bear additional costs if another major incident occurs.
“In the wake of the September 11th attacks, Congress created the Terrorism RiskInsurance Program to support Americans during crises. As America continues to deal with heightened terrorism threats, this program remains as relevant as ever. I’m proud to join my colleagues in introducing a bill to get ahead of the Terrorism Risk Insurance Act’s expiration date, pass an extension and prevent any lapse in coverage,” said Kennedy.
McCormick said, “State sponsors of terror pose a persistent threat to the United States, and we must be prepared. Reauthorizing TRIA ensures businesses and workers in Pennsylvania will be supported in the event of a terror attack.” Smith added that “The Terrorism Risk Insurance Program is critical to keeping insurance available and affordable to businesses in Minnesota and across the country so they can grow and create jobs. Without this bill, a potential terrorism event would mean a financial catastrophe for many businesses and would be extremely costly to taxpayers. I’ve worked to make sure this bipartisan measure stays in place since I came to the Senate, and I’m glad to be introducing my TRIA bill again to ensure this vital program doesn’t lapse.”
Tillis said: “Reauthorizing the Terrorism Risk Insurance Program is essential to ensuring businesses have the certainty they need to operate and invest with confidence. This longstanding public-private partnership has helped safeguard our economy for more than two decades, and extending it will prevent disruption while ensuring we remain prepared for evolving threats.” Gallego stated: “We have to make sure we’re prepared for the worst. I’m proud to co-lead the bipartisan reauthorization of the Terrorism Risk Insurance Act. This long-term reauthorization will ensure Arizona businesses can invest in their assets and create jobs with confidence and that they have the resources they need to recover in the event of a major terrorist attack.”
Congress first passed TRIA in 2002 so commercial policyholders could obtain terrorism risk coverage after insurers withdrew from providing such policies following September 11th attacks. The private insurance market has depended on TRIA as a backstop since then; when it briefly lapsed in 2014, terrorism coverage became largely unavailable according to official sources.
Kennedy holds degrees including magna cum laude honors from Vanderbilt University as well as law degrees from both University of Virginia School of Law and Oxford University according to his official website. He serves on Senate committees including appropriations, banking, budget, judiciary; holds top Republican positions on subcommittees related energy/water development/economic policy; contributes as adjunct professor/substitute teacher; authored books/articles on Constitutional law/Louisiana Products Liability Act; served executive editor Virginia Law Review/president senior class at Vanderbilt according also.