Allianz Malaysia launches Solar PV Insurance at IGEM 2018
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Allianz Malaysia launched the Solar PV Insurance, a special all risk solar insurance policy at the International Greentech and Eco Products Exhibition and Conference Malaysia (IGEM) 2018 today.
Offered exclusively by Anora Agency Sdn Bhd, an agency partner of Allianz Malaysia, the Solar PV Insurance addresses issues including the lack of support services, high-cost of maintenance and lack of compensation for damages faced by residential and commercial Solar PV owners.
The development of the product was a result of a tripartite collaboration between Anora Agency, the Malaysian Photovoltaic Industry Association (MPIA), and Sustainable Energy Development Authority (SEDA) Malaysia.
“Allianz Malaysia is proud to work together with Anora Agency to be the principal insurer for the Solar PV Insurance. Anora Agency has always been driven and committed in providing customised and tailored underwriting solutions for their customer and it is always a pleasure to work with like-minded partners,” said Zakri Khir, Chief Executive Officer of Allianz Malaysia Berhad.
“In coming up with this product, not only will Allianz Malaysia be able to address the protection gap in the solar photovoltaic (PV) ecosystem, but to improve the solar PV ecosystem and also promote the development and conversion to environment friendly renewable energy technologies in Malaysia,” added Zakri.
The Solar PV Insurance’s comprehensive protection covers loss or damage to the solar PV system due to any malicious damage, theft or lightning, as well as damage from aircraft aerial devices or articles dropped, fire, explosion, earthquake and other natural disasters, flood, landslides, burst water pipes and overflowing water tanks, and more. Thus, solar PV owners will not have to bear any costs for repairs or the replacement of parts (including components) and will also be compensated for loss of income or savings should their solar PV system experience down time due to damage or theft. This product aims to serve solar PV owners from the residential and commercial sectors - feed-in tariff (FiT), net energy metering (NEM) and self-consumption. According to SEDA as at end of September 2018, there are nearly 9,000 solar PV home owners under the FiT scheme that have solar PV systems that are commercially operational and the launch of this product is timely to meet an emerging market.
Following the official launch of the product by YB Yeo Bee Yin, the Minister of Energy, Science, Technology Environment, and Climate Change at the event today, Samuel Soon, Chief Executive Officer of Anora Agency Sdn Bhd said: “The Solar PV Insurance was a product that was one year in the making. We are very lucky to have such collaborative partners such as the MPIA and SEDA who played a vital role in the development of this product to provide the necessary ecosystem needed to support investments made by solar PV individuals. We thank SEDA for taking this initiative to address this gap by engaging related industry sectors. And by integrating with Allianz, we are now able to offer the very best in solar PV solutions to our customers.”
For more information on Solar PV insurance, visit http://anoraagency.com/.