When an insurance company defends itself with other insurance companies against the risk of losses is called Reinsurance. Individuals and corporations take insurance policies to provide safeguard for various risks like hurricanes, earthquakes, lawsuits, collisions, sickness and death, etc.. Reinsurers, in turn, provide insurance to insurance companies. Reinsurance is an expansion of the concept of insurance, in that it passes on part of the risk for which the original insurer is liable. Reinsurance is just that the ‘insured’ is another insurer, known as the ‘reinsured’.
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