Meaning of “reinsurance” in the English Dictionary

business-english dictionary

"reinsurance" in Business English

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reinsurancenoun [ U ]

also re-insurance uk /ˌriːɪnˈʃɔːrəns/ us 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” from the Cambridge Business English Dictionary © Cambridge University Press)