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English definition of “reinsurance”

reinsurance

noun [U] (also re-insurance)     /ˌriːɪnˈʃɔːrəns/ INSURANCE
insurance bought by an insurance company to protect itself against large demands from its customers: The cost of reinsurance has risen dramatically.buy/purchase/sell reinsurance It plans to buy about $335 million of reinsurance to protect against environmental and other liabilities. a reinsurance business/broker/company the reinsurance industry/market
(Definition of reinsurance noun from the Cambridge Business English Dictionary © Cambridge University Press)
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