The US terrorism insurance program has been central to ensuring cover stability and should be extended beyond its scheduled expiry at the end of next year, Marsh says.

The Terrorism Risk Insurance Program Reauthorisation Act (TRIPRA), creating a government financial backstop, was last extended under a bill signed by President Donald Trump in December 2019.

Marsh terrorism placement adviser Tarique Nageer says heightened geopolitical tension, including the US-Iran conflict, are driving an increasingly complex and evolving threat landscape that blurs the lines between terrorism, political violence and civil unrest.

“TRIPRA has been instrumental in creating and maintaining (re)insurance market stability, and its reauthorisation is vital to enable us to continue having nuanced, solutions-based conversations with clients about their unique vulnerabilities as emerging threats to businesses around the world evolve at a rapid pace,” he said.

Broker Marsh’s latest Global Terrorism Risk Insurance Report says recent low-sophistication but high-impact incidents such as a 2025 New Orleans truck ramming and the Bondi Beach shootings highlight the human and business toll of physical attacks.

Terrorism-related cyberattacks have wiped critical systems and disrupted global operations, underscoring their potential to halt supply chains and amplify economic disruption.

Marsh division Guy Carpenter’s Terrorism Centre of Excellence leader Emil Metropoulos said: “Together, TRIPRA and other public-private partnerships around the world form a more balanced and sustainable ecosystem that anchors systemic risk, fosters greater market confidence, and broadens available protection for policyholders.”

Amid the evolving threat environment, the terrorism insurance market is stable and robust, the report says. Standalone policies often provide broader terms and (re)insurers can offer per-risk capacity between $US1 billion ($1.4 billion) and $US4 billion ($5.7 billion), depending on location and insurer aggregations.

The report is available here.