Office of the Chief Information Officer (OCIO) 1

Update on the Terrorism Risk Insurance Program: 

Federal Insurance Office

Federal Advisory Committee on Insurance

June 2, 2022
2022 Data Call

 Purpose: Since the 2015 Terrorism Risk Insurance Program (TRIP) Reauthorization 

Act, FIO conducts an annual data call as required by the statute. The data informs 

Treasury’s periodic analyses of the Program and is also used by FIO in its 

administration of the Program. In addition, the results of the data call are used in the 

annual calculation of the Insurance Marketplace Aggregate Retention Amount, or 

IMARA, which is the threshold that measures whether Treasury must recoup any 

payments it makes under the Program. 

 2022 Changes: In 2021, FIO received approval for changes to the TRIP data call to 

obtain more granular information on both cyber insurance, including ransomware 

coverage and losses, and captive insurer participation in the Program. With respect to 

cyber, these changes will provide FIO with more detailed information concerning cyber 

insurance written in lines of insurance outside TRIP, how policyholders in different size 

categories are accessing cyber insurance, and the coverage that is available for 

ransomware losses, as well as information concerning insurance losses in this 

important area. These changes in the TRIP data call will assist FIO in administering 

the program, in evaluating the cyber insurance market generally, and in considering 

the role of terrorism risk insurance in connection with cyber-attacks. 

 Status: The data call concluded on May 16, 2022. FIO has received the aggregated 

data reports from its data aggregator, and we have begun our analysis of this data. 

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2022 Program Effectiveness Report

 Purpose: The 2015 TRIP Reauthorization Act also requires Treasury to provide a 

biennial report to Congress on the effectiveness of TRIP. The next Program 

Effectiveness Report is due June 30, 2022 and will be the fourth such report that FIO 

has produced since the requirement was adopted. 

 Sources: FIO relies heavily upon the data that it collects in the annual TRIP data calls 

in its effectiveness reports. In addition, FIO published a Federal Register notice 

seeking comments in connection with the report. FIO has received 18 responsive 

comments that will also inform its analysis in the upcoming effectiveness report. 

 Highlights: Although preparation of the report is still in progress, FIO will be 

evaluating information from the new data elements collected this year for the first time, 

including information concerning cyber insurance and captive insurer participation in 

the Program. 

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International Forum of Terrorism Risk 

Insurance Pools (IFTRIP) Livestream Event

 IFTRIP: IFTRIP is an association of about 15 national pooling mechanisms (most 

public/private, some exclusively public, and some exclusively private) that address 

terrorism risk in their individual jurisdictions. FIO participates in IFTRIP through its 

work on TRIP. 

 2022 Livestream Event: On May 10, 2022, Treasury hosted, in association with 

IFTRIP, the 2022 Livestream Event, which featured panel discussions on the potential 

use of pooling arrangements in connection with pandemic risk insurance; the potential 

link between climate change and terrorism; and the role of the insurance industry in 

risk mitigation. 

 Highlights: Treasury’s Deputy Secretary, Wally Adeyemo, provided closing remarks 

for the conference, in which he focused on the ransomware threat, Treasury’s efforts to 

address it, and the role of the insurance industry in promoting better standards and 

practices through the underwriting process. 

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