HANGZHOU, China, June 11, 2018 /PRNewswire/ -- Chint Solar/Astronergy, the leading PV producer and service provider in China announced signing the contract of 3rd party insurance service which provides the cover for registered PV modules produced in 2018 with Munich Re and the PICC Property and Casualty Limited.
Along 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, and 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.
Claudia Hasse, Head of Special Enterprise Risks at Munich Re, points out that Astronergy has been working with Munich Re closely for nine years consecutively. In 2009, Munich Re designed the world's first 25-year long-term performance insurance for solar photovoltaic modules, and Astronergy is the only photovoltaic enterprise taking it continuously since 2010. "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," Claudia Hasse said.
In his speech during the 9th anniversary celebration at the SNEC, Dr. Ronald Sastrawan - Senior Risk Analyst of Green Tech Solutions which is part of Munich Re's Corporate Insurance Partner unit Special Enterprise Risks - explained that Munich Re is very thorough when assessing risks and will only provide insurance for modules with high quality in the market. Astronergy is definitely a prominent company in the photovoltaic industry and during the past nine years, Astronergy has established a proven track record of modules with high quality and high standards. 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.
"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," Dr. Lu, Chuan, the CEO of Astronergy, commented. "The underwriting of well-known insurance companies will bring more additional value to our customers globally."
PICC P&C told that after comprehensive risk evaluation on the supply chain and quality control process, PICC P&C decided to provide sufficient insurance to Astronergy. And the policy itself will also enhance customer confidence in Astronergy modules and will play a crucial role in expanding the global market.
Astronergy was established in 2006 and is specialized in crystalline silicon solar modules manufacturing and utility scale project development, financing, construction and operations & maintenance with more than 4000 employees all over the world. After 10 years stable growth, we now have 4 domestic manufacturing bases, and overseas factories located in Germany (acquired from Conergy in 2014), and Thailand. Our factory production capacity is 1.2 GW for crystalline silicon cells and 2.5GW for solar modules.
Bloomberg lists Astronergy as Tier 1 solar module supplier for consecutive years. Photon consulting ranked Astronergy as NO.1 player, just behind First Solar, in the PV triathlon report. Astronergy's technology leadership, financial health, downstream diversity and risk management got wide recognition from advisors, financial institutions and banks. In 2016, the reverse merge with Chint Electrics, a listed company in Shanghai Stock Exchange, strengthened Astronergy's financial position, allowing it to pursue new markets in module distribution and deploy further capital in its downstream business in the near future.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2017, the Group - which combines primary insurance and reinsurance under one roof - achieved a profit of €0.4bn. It operates in all lines of insurance, with over 42,000 employees throughout the world. With premium income of around €32bn from reinsurance alone, it is one of the world's leading reinsurers.
About PICC P&C
PICC P&C deals with all insurance services other than life insurance and provides strong insurance safeguards to economic development, social stability, prosperity of the country, and well-being of the people. PICC P&C maintains an inventory of property and casualty insurance products with over 6,000 terms, the most comprehensive in the industry. The product lines currently provided cover all sectors of social production and people's life, from agricultural production, traffic and transportation, foreign trade, to motor vehicle insurance. PICC P&C has created and accumulated core competitive edges leading in the market.