WASHINGTON, D.C. — U.S. Senator Mike Crapo has joined a bipartisan group of lawmakers to introduce legislation aimed at extending the federal Terrorism Risk Insurance Program for seven years, according to a press release.

The proposed Terrorism Risk Insurance Program Reauthorization Act of 2026 would continue a federal backstop that helps ensure businesses can access terrorism risk insurance coverage.

Crapo said the program has played a key role in maintaining economic stability since its creation following the September 11, 2001 terrorist attacks. Without it, many insurers excluded terrorism coverage, leaving businesses vulnerable and disrupting sectors such as real estate, construction and transportation.

“TRIA has made coverage for terrorism risk insurance more available and affordable in Idaho and across the nation,” Crapo said in the release. “This reauthorization ensures continued private-sector responsibility and safeguards our economy against potential future threats.”

The program, first established in 2002, provides a federal reinsurance backstop that allows private insurers to continue offering terrorism coverage. Lawmakers say extending it before its current expiration date of Dec. 31, 2027, would prevent gaps in coverage and provide long-term certainty for businesses and insurers.

Crapo joined senators from both parties in sponsoring the legislation, including Dave McCormick, Tina Smith, Thom Tillis and Ruben Gallego.

According to the release, a lapse in the program could once again lead insurers to drop terrorism coverage, exposing policyholders to financial risk and uncertainty.

Crapo previously supported reauthorization efforts in 2015 and 2019 while serving in a leadership role on the Senate Banking Committee.

The legislation is backed by a wide range of industry groups, including organizations representing banking, real estate, construction, energy and transportation sectors.