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INSERT REPLACING can be used in place of INSERT INTO if you are unsure whether the value to be inserted into a primary key column will violate that constraint. If the row with this primary key already exists, then the new row will be inserted replacing the old values.

SQL> create table insert_test(id integer primary key, txt varchar);
Done. -- 90 msec.
SQL> insert into insert_test(id, txt) values(1, 'test');
Done. -- 0 msec.
SQL> insert into insert_test(id, txt) values(1, 'test');

*** Error 23000: [Virtuoso ODBC Driver][Virtuoso Server]SR197:
  Non unique primary key on DB.DBA.insert_test. at line 4 (4) of Top-Level:
  insert into insert_test(id, txt) values(1, 'test')

SQL> insert replacing insert_test(id, txt) values(1, 'testreplacing');

Done. -- 0 msec.
SQL> select * from insert_test;
id                txt
INTEGER NOT NULL  VARCHAR
_______________________________________________________________________________

1                 testreplacing

1 Rows. -- 0 msec.