KUALA LUMPUR Oct 17 (Bernama) -- Sustainable Energy Development Authority (SEDA) Malaysia today witnessed the launch of the country’s first-of-its-kind All Risks Solar PV insurance, which is an initiative by the Authority to ensure the investors’ assets are well protected. The innovative insurance product was by Allianz Malaysia Bhd via Anora Agency Sdn Bhd in collaboration with the Malaysian Photovoltaic Industry Association (MPIA). 

The launch of this insurance scheme was officiated by YB Yeo Bee Yin, Minister of Energy, Science, Technology, Environment and Climate Change at the opening of the International Greentech and Eco Products Exhibition (IGEM) 2018 this morning. The Solar PV Insurance addresses the post-installation gaps which are typically lacking in the market. 

Namely, the lack of support services, the high-cost of maintenance, and the lack of compensation for damages faced by residential Solar PV owners. The Solar PV Insurance is an All Risks comprehensive protection. 

Under this protection, the policy holders will not have to bear any costs for repairs or the replacement of parts (including components), they will also be compensated for loss of income or savings should their solar PV system experience down time due to damage or theft up to 6 months. This product aims to serve solar PV owners such as the recipients of the feed-in tariff (FiT) scheme implemented by SEDA. 

According to Dr Wei-nee Chen, Acting CEO of SEDA Malaysia, as at end of September 2018, the Authority has approved in total 12,284 solar PV applications under the FiT of which 9,864 solar PV projects are commercially operational. The launch of this product is timely to meet an emerging domestic solar PV market. 

This innovative insurance is provided by Allianz Malaysia Bhd through Anora Agency in and is designed to create an ecosystem with the local PV industry to protect the investment on solar PV systems by the individuals and commercial entities.

About SEDA Malaysia
Sustainable Energy Development Authority (SEDA) Malaysia is a statutory body reporting to the Ministry of Energy, Science, Technology, Environment and Climate Change (MESTECC). SEDA was established in September 2011 under the SEDA Act 2011 [Act 726] with the key purpose of driving the renewable energy and energy efficiency agenda in the country.

Source : Sustainable Energy Development Authority (SEDA) Malaysia ​