Munich Re and the People's Insurance Company of China (PICC) have signed an agreement with China’s leading solar module producer and service provider, Chint Solar/Astronergy, to provide cover for registered PV modules produced in 2018.
Under the agreement, PICC P&C will provide insurance to back-up 10-12 years product warranty and 25 years performance warranty for Astronergy modules delivered to registered international projects in 2018, whilst Munich Re will provide reinsurance to PICC P&C.
By assigning dedicated financial capacity for these registered clients, the insurance cover provides a credible third-party guarantee for investors and financing institutions that choose to install Astronergy modules.
The 2018 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.”
Astronergy CEO Dr. Lu Chuan 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.”