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

The company operates in 54 countries and territories, and its offerings include: Commercial property and personal casualty insurance, personal and supplemental health insurance, reinsurance and life insurance to a diverse group of clients, according to its website. —Rocio Fabbro, Quartz, 16 May 2024

The effects of the mounting risks are being felt by a lesser known, but crucial link in the chain that connects to homeowners: the reinsurance market. —Judith Kohler, The Denver Post, 11 May 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