Renewal Contact Achieved between Wuxi Suntech, Munich Re and PingAn 25-Year Performance Warranty Insurance Policy for 2016 and 2017

Posted on 2016-04-06
On Mar. 25th 2016, Wuxi Suntech Power Co., Ltd. (hereafter referred to as “Suntech”) announced that Suntech has signed the renewal contract for 2016 and 2017 with MunichRe and PingAn Property & Casualty Insurance Company of China, Ltd. (hereafter referred to as “PingAn”) with respect to 25-year performance warranty insurance policy. PingAn would provide such insurance against excessive loss of output of photovoltaic modules sold overseas during the period Jan. 1st, 2016 to Dec. 31st, 2017. The original cover of the warranty insurance contract is issued by PingAn and is reinsured by Munich Re according to the terms and conditions of the reinsurance agreement. This insurance contract will guarantee Suntech gain the claim indemnities timely and make the business operate steadily in case of product recall, which also means the second protection for Suntech clients’ benefit apart from the warranty obligated by Suntech. This renewal contract proves that Suntech highly values the clients’ benefit, and makes great efforts to continue improving on risk management and increasing the third party insurance coverage. This insurance agreement signing represents the smooth cooperation once again since the first consociation between three parties in 2014. It is also another successful case of photovoltaic industry and insurance industry in the area of risk management and insurance innovation.

 

On Feb. 26th 2016, Suntech was named on Bloomberg New Energy Finance’s (BNEF) Global PV Market Outlook list issued in Feb. 2016 as a tier 1 solar company, based on its bankability. This honor awarded fully proved that Suntech’s capacity of current financing is widely recognized within the industry of financial institutions and Suntech could provide the clients high-reliability product and solution. Meanwhile, Wuxi Suntech is ranked among the top module manufacturers based on recommendation levels especially by British installers. Therefore, Wuxi Suntech receives the “Top Brand PV | Modules” seal from the German market research specialist EuPD Research. Participants of the “European PV Installer Monitor” positively rated Wuxi Suntech as above average in regard to brand awareness and brand management. Therewith Wuxi Suntech belongs to the top well-known brands, which are awarded with the Top BRAND PV seal.

 

Suntech has always been paying high attention to the long-term stable customer relationship and has the ability to provide high quality products and professional services. Until now, more than 30,000,000 Suntech solar modules have been delivered to over 80 countries. These products are guaranteed by Suntech with the 25-year performance warranty. Moreover, in 2016 Suntech announced that all modules made by suntech are now under a 12-year product warranty, extending from the previous 10-year period. This renewal coverage against 25-year performance warranty of PV modules sold overseas between 2016 and 2017, is the proactive action against the stringent requirements of overseas market. Under this insurance coverage with high recognition degree of MunichRe in overseas market, Suntech will achieve more stable business relationship with overseas clients.
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