Munich Re to provide reinsurance to PICC on China solar deal
Munich Re has entered into a partnership with solar module manufacturer Chint Solar/Astronergy in China. Under the agreement, the People's Insurance Company of China (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, and Munich Re will provide reinsurance to PICC. 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. Astronergy has been working closely with Munich Re for nine years consecutively. Claudia Hasse, head of special enterprise risks at Munich Re, 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 also highlights Astronergy's focus on providing their customers with the best solutions in technology as well as financial and insurance back-up." Lu, Chuan, CEO of Astronergy, said: "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."
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