Definition of reinsurance
: insurance by another insurer of all or a part of a risk previously assumed by an insurance company
noun
re·in·sur·ance
\
ˌrē-ən-ˈshu̇r-ən(t)s
,
ˌrē-ən-ˈshər-
also
(ˌ)rē-ˈin-ˌshu̇r-
,
(ˌ)rē-ˈin-ˌshə̇r-
\
Updated on: 18 Apr 2018
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Recent Examples of reinsurance from the Web
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In an annual study released Tuesday, the Swiss reinsurance company said total losses from natural and man-made disasters hit $337 billion in 2017 — twice as high as the year before and second only to 2011.
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Another six states are taking steps to launch their own reinsurance programs.
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Fearful of being overwhelmed by similar and even bigger catastrophes, insurance and reinsurance companies turned to the capital markets, flush with deep-pocketed investors such as hedge funds and money managers.
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States have had grand ambitions (like Vermont’s failed single-payer proposal) and more modest ones (like the reinsurance programs, which compensate insurers for high-cost patients, that a few states have pursued this year) for the waivers.
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That percentage, according to Berkshire, is far below the 7 to 15 percent losses suffered by some reinsurance companies.
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Alaska, an expensive state for health care, received the OK last summer for reinsurance.
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Some options include restoring federal subsidies for insurers who cover out-of-pocket costs for very low-income customers and setting up a federal reinsurance pool to help insurers pay for very expensive patients.
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Obamacare stabilization: The stabilization package -- the combination of health care subsidy funding for three years along with $30 billion for a reinsurance program in exchange for regulatory flexibility -- is gasping for air at this point.
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.
First Known Use of reinsurance
1705
Law Dictionary
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 3
Learn More about reinsurance
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See words that rhyme with reinsurance Britannica.com: Encyclopedia article about reinsurance
Seen and Heard
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