Chinese solar firm renews reinsurance services with Munich Re

Chinese solar firm renews reinsurance services with Munich Re | Insurance Business New Zealand

Reinsurance

Chinese solar firm renews reinsurance services with Munich Re

Reinsurer will also support the firm’s 15-year and 30-year warranties

Reinsurance

By
Kenneth Araullo

Hanersun, a Chinese solar company, has officially renewed its partnership with Munich Re and WTW to enhance its product offerings.

Under the renewed agreement, Munich Re will provide reinsurance services for Hanersun’s comprehensive solar product line throughout 2024. The reinsurer will also support Hanersun’s 15-year quality and 30-year power warranties, which cover losses due to technical risks associated with solar modules.

The agreement was formalized through signatures from Deming Liu, manager assistant at Hanersun, Sinney Leung, director of PV business development at Munich Re, and Eileen Yang, head of PV Business at Willis.

Leung shared his confidence in Hanersun’s production quality, noting that the partnership is intended to reinforce customer confidence in the longevity and reliability of photovoltaic (PV) products.

“Since Hanersun’s founding, quality has been our top priority. We are very proud to establish a long-term partnership with Munich Re. It not only provides protection to our clients and investors, but also marks a significant step in our global market success,” Liu said.

Yang also highlighted the pioneering efforts of Willis in supporting the solar power sector through its dedicated power and new energy department.

“As one of the first insurance brokers to set up a power and new energy department, Willis mainly serves PV first-tier brands and is one of Munich Re’s largest partners in China,” Yang said. “In recent years, the photovoltaic industry has been developing rapidly, and Hanersun has made a lot of achievements in the domestic and international markets. We hope that through this tripartite co-operation, we can enhance the brand influence of Hanersun in the global market together.”

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