When talking about insurance, reinsurance is a term that may come up, but not everyone knows what it means or how it works. Reinsurance is essentially insurance for insurance companies. It may seem confusing at first, but it plays a crucial role in the insurance industry. In this article, we will break down what reinsurance is, how it works, and its importance in the insurance market.
What is Reinsurance?
Reinsurance is when an insurance company buys insurance from another insurance company to help manage their risk. Essentially, it allows the insurance company to protect itself
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