Treasury Seeks Insurer Data on Terrorism Risk Program
Published Date: 3/5/2025
Notice
Summary
The Treasury Department is updating how it collects yearly data from property and casualty insurers about the Terrorism Risk Insurance Program. This helps keep terrorism insurance available and affordable for businesses. Insurers need to submit their info by April 4, 2025, so the government can review and improve the program without adding extra costs.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Annual TRIP Data Filing Requirement
If you are a property-and-casualty insurer, you must provide certain terrorism-insurance data to the Treasury annually under the Terrorism Risk Insurance Program (TRIP). The collection covers an estimated 1,015 respondents, uses TRIP forms for small, non-small, captive, and alien surplus line insurers (OMB Control Number 1505-0257), and imposes an estimated total annual burden of 51,070 hours. Estimated time per response is: small insurers—32 hours; large/non-small insurers—88 hours; captive insurers—50 hours; alien surplus line insurers—55 hours.
Supports Availability and Affordability
The Treasury says collecting these insurer data helps keep terrorism risk insurance available and affordable for businesses by supporting TRIP analyses and allowing private markets to stabilize. This collection is part of ongoing TRIA requirements to monitor participation and market capacity for terrorism coverage.
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