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@reprotocol
WhAt Is ReInSuRaNcE? Here's a dummy guide on how Re is taking on the $1T reinsurance industry 🧵 (1/5)
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@reprotocol
Reinsurance is insurance for insurance companies. When you buy car insurance, you're protecting yourself financially in case of an accident or theft. Your insurance company promises to cover these costs, but to ensure they can keep this promise, they get help from a reinsurer. Think of a reinsurer as a backup for your insurance company. A portion of your premium goes to the reinsurer, helping your insurer have enough funds to pay claims even if many accidents occur at once. Reinsurance keeps your insurer reliable and ready to assist. (2/5)
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@reprotocol
Re brings reinsurance on-chain, making it more efficient and reliable. For example, if a hurricane happens, the blockchain automatically records it and smart contracts trigger the release of funds to the affected insurers. This ensures quick and transparent payments without long delays or disputes. Re provides a secure and efficient way to handle claims, making sure financial support is available when needed most. (3/5)
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Re has backed over $85 million in premiums, supporting sectors like aviation, small businesses, homeowners, auto, inland marine, and workers' compensation. The potential? Imagine Re backing space mining, covering the risks of asteroid harvesting, or supporting solutions to combat climate change and natural disasters. (4/5)
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