// definition
Reinsurance
Insurance for an insurer
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Short definition
A contract through which an insurer transfers part of its premiums and losses to another institution. The policyholder keeps the same insurer; the reinsurance treaty redistributes large or correlated losses between professional counterparties.
risk atlas
Knowledge map
Intuition
A reinsurer gives an insurer another balance sheet with which to absorb severe losses. It does not replace the insurer in the customer’s policy.
Why it matters now
Natural catastrophes can hit many policies at once, making reinsurance and its ultimate backstops central to insurability.
Related analyses
- When climate turns the state into a reinsurerHow France layers policyholder, insurer, CCR and state balance sheets.
Primary sources
- French Insurance Code, Article L. 431-9CCR reinsurance and the French state guarantee.
- Cour des comptes, April 2026Treaty structure and financial sustainability of the French Cat Nat scheme.