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
Example Sentences
Recent Examples on the Web For the most part, the federal government has left it to states to craft their own reinsurance systems, but only seven states have done so. 
Michael Hiltzik, Los Angeles Times, 9 Sep. 2022 The announcement pointed, in part, to problems in obtaining reinsurance, which is critical backup coverage to help handle such things as hurricane claims. Jim Saunders, Orlando Sentinel, 25 Aug. 2022 Citizens took on a reinsurance role to help make sure claims get paid if insurers go insolvent. Jim Saunders, Orlando Sentinel, 6 Sep. 2022 JLT Specialty had placed business in London’s reinsurance market on behalf of JLT Re Colombia, another Jardine Lloyd Thompson subsidiary. Mengqi Sun, WSJ, 22 June 2022 The plan relies heavily on the maritime insurance industry, a web of insurers that provide coverage for ships and their cargo, liability for potential spills and reinsurance, a form of secondary insurance used to defray the risk of losses. New York Times, 3 Aug. 2022 These types of investments are a form of reinsurance, a very established market that has existed since the early 14th century but remains largely undercapitalized. Benjamin Laker, Forbes, 5 July 2022 Last year, flooding cost the global economy more than $82 billion, according to reinsurance agency Swiss Re, and as climate change triggers more extreme weather, costs are expected to rise. CNN, 19 June 2022 The first arrangement was a straight reinsurance policy. Jay Adkisson, Forbes, 13 May 2022 See More
Michael Hiltzik, Los Angeles Times, 9 Sep. 2022 The announcement pointed, in part, to problems in obtaining reinsurance, which is critical backup coverage to help handle such things as hurricane claims. Jim Saunders, Orlando Sentinel, 25 Aug. 2022 Citizens took on a reinsurance role to help make sure claims get paid if insurers go insolvent. Jim Saunders, Orlando Sentinel, 6 Sep. 2022 JLT Specialty had placed business in London’s reinsurance market on behalf of JLT Re Colombia, another Jardine Lloyd Thompson subsidiary. Mengqi Sun, WSJ, 22 June 2022 The plan relies heavily on the maritime insurance industry, a web of insurers that provide coverage for ships and their cargo, liability for potential spills and reinsurance, a form of secondary insurance used to defray the risk of losses. New York Times, 3 Aug. 2022 These types of investments are a form of reinsurance, a very established market that has existed since the early 14th century but remains largely undercapitalized. Benjamin Laker, Forbes, 5 July 2022 Last year, flooding cost the global economy more than $82 billion, according to reinsurance agency Swiss Re, and as climate change triggers more extreme weather, costs are expected to rise. CNN, 19 June 2022 The first arrangement was a straight reinsurance policy. Jay Adkisson, Forbes, 13 May 2022 See More 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