Munich Re is set to provide reinsurance to the People’s Insurance Company of China Holdings Company (PICC) following PICC’s deal with solar technology firm Astronergy to supply 10-12 years product warranty and 25 years performance warranty for modules delivered to registered international projects in 2018.
By assigning dedicated financial capacity for these registered clients, the cover provides a credible third party guarantee for investors and financing institutions that choose to install Astronergy modules.
The insurance scheme provides independent project insurance for each owner that is registered with Munich Re, which transfers the risk successfully and satisfies the demand for financing from overseas customers.
Commenting on the near-decade long working relationship with Astronergy, Head of Special Enterprise risks at Munich Re, Claudia Hasse, said, “We highly appreciate our continuous relationship to Astronergy and their commitment to quality and excellence in a rapidly changing PV-industry.”
“The new contract highlights Astronergy’s focus on providing their customers with the best solutions in technology as well as financial and insurance back-up.”
Dr. Lu Chuan, Chief Executive Officer (CEO) of Astronergy, added, “Munich Re is an international leading reinsurance company, which implements the most stringent factory inspection standards in this industry.
“It has inspected 170 factories in the world and only approved the best ones including Astronergy. The underwriting of well-known insurance companies will bring more additional value to our customers globally.”
