ANORA Agency and MPIA hold Solar Insurance Briefing 2019 at Open Day
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Anora Agency and the Malaysian Photovoltaic Industry Association (MPIA) held its open day on 28 February with a Solar Insurance Briefing 2019 at Royal Chulan Damansara.
The event attracted 80 members of the MPIA as well as guests from the Sustainable Energy Development Authority Malaysia (SEDA Malaysia). Focusing on the Special All Risk Solar PV Insurance provided by Allianz Malaysia, the session included a comprehensive product briefing and detailed explanation of the claim process.
According to SEDA, as at September 2018, there are nearly 9,000 solar PV home owners under the Feed-in-Tariff (FiT) scheme that have solar PV systems that are commercially operational and some of the issues face by the owners include scarce supply and expensive replacement parts, Service Providers (SP) are no longer in business, operations and management (O&M) or warranty contracts were expired or provided minimal coverage.
“The idea behind the Special All Risk PV Insurance policy came after the implementation of FiT in 2012 and Net Energy Metering (NEM) in 2017, which was when we discovered that many residential PV owners are facing common issues. There was a gap in market for a product which would be capable to bridge this gap as the cost to make good or repair the PV system was the main concern to all stakeholders. SEDA's challenge was to unlock this "gridlock situation" so that there will be a continuous supply of energy, be it to the grid or for self-consumption purposes, and making sure that the income or saving benefits enjoyed by the PV owners were not affected. With that in mind, Anora has developed the Special All Risk PV Insurance policy to address these issues. The policy provides all the necessary coverage to all solar PV owners, regardless they are FiT, NEM or self-consumption programmes,” said Samuel Soon, Chief Executive Officer of Anora Agency Sdn Bhd.
Allianz General Insurance Company (Malaysia) Berhad’s Chief Underwriting Officer Rafliz Ridzuan who was a presenter at the event said: “As an insurer, there is a constant need to innovate and find solutions that matter to the communities around us. Residential and commercial Solar PV owners were facing real issues with the lack of support services, high-cost of maintenance and lack of compensation when they experience down time or damages. So by providing single-peril coverage such as the Special All Risk Solar PV Insurance, Allianz Malaysia is able provide solutions that address those issues.”
The Special All Risk Solar PV Insurance which was launched by YB Yeo Bee Yin, Minister of Energy, Green Technology, Science, Climate Change and Environment during the International Greentech and Eco Products Exhibition and Conference Malaysia (IGEM) 2018 last October which is Malaysia’s first comprehensive insurance protection scheme that is catered for home and commercial Solar PV owners.
Offered exclusively by Anora Agency Sdn Bhd, an agency partner of Allianz Malaysia, the product offers 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.
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.
For more information on Solar PV insurance, visit http://anoraagency.com/.