Munich Re and Ping An Insurance from China…
have both announced that they will be working together in their first co-operation to create insurance products and services that they can offer to Chinese renewable energy companies.
In a joint statement, the insurers said that they hope to develop solutions that will minimize the risk that investors face with renewable energy, so that larger projects of this nature will actually become possible.
A spokesperson from Munich Re declined to make a statement regarding whether or not the two companies intend to cooperate on a wider scale. The spokesperson explained that “The focus here is our expertise in renewable energy” and said that Munich Re had formed its own insurance policies that provide product performance guarantees for geothermal and wind facilities as well as solar panels.
The Munich Re spokesperson also declined to release any information regarding the possible premium volume or a schedule for the launch, but did state that they had already identified some Chinese projects and clients.
China is currently the top manufacturer of technologies for renewable energy in the world, making up approximately 50 percent of the global solar panel production in 2010. The country’s goal is to be able to generate 500 gigawatts by 2020 using renewable energy, primarily through solar and wind power.
Munich Re is the largest reinsurer in the world, having brought in approximately $64 billion in premiums. Ping An is a Chinese property and casualty insurance company, and holds the position of second largest non-life insurance provider in that country.