Reinsurance company Munich Re introduces battery performance insurance
威力彩玩法
German reinsurance heavyweight Munich Re has introduced an insurance for operators of battery storage installations that shields them against the risk of their products not performing as advertised. The company will issue performance warranties for up to ten years to 鈥渦nburden the balance sheets鈥 by compensating battery producers for all maintenance or repair costs of batteries that exceed a predetermined amount. 鈥淭he [insurance] product makes it significantly easier for manufacturers to ramp up deployment of battery capacities, thus making renewable energy more dependable and widely available,鈥 the company says in a . Munich Re says the insurance is primarily aimed at large-scale battery projects, for example to ensure grid stability or to cover peak demand periods, but will be extended to the mobility market in a second phase.
Expanding energy storage capacity is seen as a key step for the energy transition鈥檚 progress in Germany and elsewhere, with the market for storage solutions expected to grow rapidly in the next few years. Like other insurance companies, MunichRe last year announced it would gradually phase-out its business activities in the fossil fuel sector and focus on projects that are more compatible with emissions reduction targets.