Last week, the House Financial Services Committee released its hearings schedule for September, which included a Sept. 17 hearing entitled “The Reauthorization of the Terrorism Risk Insurance Act of 2002 in the Housing and Insurance Subcommittee.” Passed in the wake of the Sept. 11, 2001, terrorist attacks, the Terrorism Risk Insurance Act (TRIA) created a federal backstop of shared public and private compensation for certain insured losses resulting from a certified act of terrorism. The program was needed to ensure the continued availability of insurance coverage for commercial real estate. NAIOP was a founding member of the Coalition to Insure Against Terrorism (CIAT), which advocated for the creation of the TRIA program.

TRIA has been reauthorized by Congress a number of times since its establishment in 2002 and was last reauthorized in 2019. The program expires at the end of 2027, and discussions have already begun on Capitol Hill and in the Trump administration about the continuation of the program. NAIOP and its industry allies in CIAT will begin discussions on a joint advocacy strategy this fall to ensure that Congress begins work on TRIA reauthorization and prioritizes its passage in time to minimize any possible disruptions in insurance coverage.