Skip to primary navigation Skip to content
May 09, 2013

Thompson Introduces Legislation to Extend Terrorism Risk Insurance Program

(WASHINGTON) – Today, Rep. Bennie G. Thompson (D-MS), Ranking Member of the Committee on Homeland Security, introduced the "Fostering Resilience to Terrorism Act of 2013" (H.R. 1945) to extend and enhance the Terrorism Risk Insurance Program for 10 years – which is set to expire next year. Congress enacted the Terrorism Risk Insurance Act (TRIA) in 2002 to increase the availability of terrorism risk insurance to at-risk American businesses by guaranteeing that the government would share some of the losses with private insurers should a terrorist attack occur. This was in response to the attacks of 9/11 – when private reinsurers exited the U.S. market and commercial insurance insurers began excluding terrorism coverage from policies provided to businesses.

Congressman Thompson released the following statement introducing the bill:

"The Boston Marathon bombings last month serve as a stark reminder that terrorism and mass violence remain both a homeland security and economic threat. If TRIA is allowed to expire next year, there may be fewer insurers offering terrorism insurance and prices potentially could increase. By extending this program for 10 years, we will ensure much-needed stability and predictability for the business community."

Link to Bill

#   #   # 

Media Contact: Adam Comis at (202) 225-9978