reinsurance

noun
re·​in·​sur·​ance | \ ˌrē-ən-ˈshu̇r-ən(t)s How to pronounce reinsurance (audio) , ˌrē-ən-ˈshər- also (ˌ)rē-ˈin-ˌshu̇r-, (ˌ)rē-ˈin-ˌshə̇r- \

Definition of reinsurance

: 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 new spending would be offset by a $100 million transfer from the state’s reinsurance account and with savings from refinancing bonds and a higher federal reimbursement rate on Medical Assistance. Jessie Van Berkel, Star Tribune, "Minnesota House passes $1.9 billion infrastructure bonding bill," 15 Oct. 2020 Officials had touted a drop in premiums since the General Assembly passed a reinsurance program that replaced a federal one dropped by the Republican Trump administration that helped insurers offset the cost of the most expensive beneficiaries. Meredith Cohn, baltimoresun.com, "Record number of Marylanders enroll in Obamacare; overall increase is 4.5%," 17 Dec. 2020 The state should move forward with the association health plan proposal, loosen regulations, improve telehealth services and explore reinsurance plans, Krawiec said. Nyamekye Daniel, Washington Examiner, "Medicaid expansion could lead to criminal justice reform in North Carolina, expert says," 7 Dec. 2020 Alexis Bakofsky, director of communications for OIR, said the increases are the results of busy hurricane seasons combined with higher costs for reinsurance and litigation. Gray Rohrer, orlandosentinel.com, "Florida home insurance premiums set to rise amid hurricanes, lawsuits," 2 Dec. 2020 When more natural disasters such as hurricanes happen, the price of reinsurance goes up. Gray Rohrer, orlandosentinel.com, "Florida home insurance premiums set to rise amid hurricanes, lawsuits," 2 Dec. 2020 One reason reinsurance costs have increased so much is that claims stemming from 2017′s Hurricane Irma — mostly for roof repairs — continued to be filed at unexpected levels up to the three-year deadline in September, Brandes said. Ron Hurtibise, sun-sentinel.com, "As property insurance costs skyrocket, lawmakers will consider these ideas to keep coverage affordable," 14 Nov. 2020 Our innovative reinsurance program is a model for other states. Paul Gazelka, Star Tribune, "The case for Minnesota Republicans," 23 Oct. 2020 The first is reinsurance giant Swiss Re AG’s decision to raise its internal carbon price, which companies use to estimate the costs of various business decisions, to $100 per metric ton next year, gradually increasing to $200 by 2030. Nathaniel Bullard, Bloomberg.com, "The Most Important Climate Pledges Aren’t the Splashy Ones," 24 Sep. 2020

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'reinsurance.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of reinsurance

1705, in the meaning defined above

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Time Traveler for reinsurance

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The first known use of reinsurance was in 1705

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Last Updated

11 Jan 2021

Cite this Entry

“Reinsurance.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/reinsurance. Accessed 16 Jan. 2021.

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More Definitions for reinsurance

reinsurance

noun
re·​in·​sur·​ance | \ ˌrē-ən-ˈshu̇r-əns, -ˈin-ˌshu̇r- How to pronounce reinsurance (audio) \

Legal Definition of reinsurance

: 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

More from Merriam-Webster on reinsurance

Britannica.com: Encyclopedia article about reinsurance

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