reinsurance

noun

re·​in·​sur·​ance ˌrē-ən-ˈshu̇r-ən(t)s 

ˌrē-ən-ˈshər-,

 also  (ˌ)rē-ˈin-ˌshu̇r-,

(ˌ)rē-ˈin-ˌshə̇r-

: insurance by another insurer of all or a part of a risk previously assumed by an insurance company

Examples of reinsurance in a Sentence

Recent Examples on the Web

Among its offerings are professional liability insurance, reinsurance and equine insurance. —John Dorfman, Forbes, 2 Dec. 2024

Best homeowners insurance in Florida In addition to the growing intensity and prevalence of hurricanes and flooding, the spike is fueled by inflation, a litigation-friendly legal system, the proliferation of roofer scams and the high cost of reinsurance. —Kelsey Neubauer, CNBC, 29 Nov. 2024

The filing also details the company's reinsurance program, including its core catastrophe reinsurance program and quota share agreements, which are designed to manage risk and protect the company's financial stability. —Quartz Bot, Quartz, 12 Nov. 2024

Another option, Merkel said, is a reinsurance program similar to one that operates in Alaska. —Stephanie Armour | Kff Health News, ABC News, 25 Oct. 2024

Word History

First Known Use

1705, in the meaning defined above

Legal Definition

reinsurance

noun

re·​in·​sur·​ance ˌrē-ən-ˈshu̇r-əns, -ˈin-ˌshu̇r- 

: insurance or indemnification by a second insurer of all or part of a risk assumed by another insurer as contracted for by the first insurer see also cede compare direct insurance, retrocession sense 3