Munich Re, Ping An to co-develop insurance solutions for Chinese clean energy projects

Sep 8, 2011 - German re-insurer Munich Re (ETR:MUV2) announced today it has signed a cooperation agreement with Chinese peer Ping An Property & Casualty to provide insurance solutions for the Chinese renewable energy sector.

The solutions being developed by the two companies will aim to lower the risk of investing in capital-intensive clean energy projects in China.

The first projects and clients for the new solutions have already been identified, Munich Re said.

No further details have been disclosed, however.

China is one of the biggest manufacturers of renewable energy technology in the world as in 2010 it invested some USD 50 billion (EUR 35.7bn) in the sector. By 2020 the country aims to generate 500 GW from wind and solar energy sources.

(USD 1.0 = EUR 0.715)

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