Reinsurance (noun)

Insurance of an insurance company's own risks by another insurer.

Origin:

Mid 19th century: from re- + insurance.

Examples:

1. The company purchased reinsurance to protect itself from large losses.
2. Reinsurance allows insurance companies to spread risk and reduce the impact of catastrophic events.
3. The reinsurance market is highly competitive and globalized.
4. The reinsurance policy covered the risk of natural disasters.
5. Reinsurance is a way for insurance companies to manage their own risk.