Subrogation is the right of an insurer that has paid a claim to step into the insured's position and recover the amount from the party responsible. It turns a paid loss into a recovery claim.
After paying its insured, an insurer can pursue the at-fault party or its insurer. The recovery is a legal asset with its own outcome, duration and collection risk, and the amounts at stake can be large across a book of paid claims.
Priority matters. Recoveries are sometimes shared with the insured for uninsured losses, and statutes or contracts can fix the order in which the parties are repaid.
Subrogation is not a new claim by the insurer. It is the insured's claim, exercised by the insurer who paid.
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