Uniqa Bulgaria expands insurance offering to photovoltaics

(ADPnews) - Dec 8, 2010 - The Bulgarian arm of Austrian insurance group Uniqa (WBAG:UQA) has rolled out a photovoltaic (PV) insurance policy, the company said Monday at a conference, organised by the Bulgarian Photovoltaic Association (BPVA) in Sofia.

Through its "All risks during installation" product, the insurer covers damages caused by natural disasters, theft, errors in the construction of the power units as well as damages to the properties in proximity caused by the facilities installation. The "Uniqa Lumit-all risks" policy covers problems in the construction phase of the facilities and operational risks of the PV parks.

Besides Uniqa, sector player Allianz Bulgaria is also offering insurance for solar plants and has already sealed insurance contracts with a number of companies.

Uniqa mainly provides automobile insurance, but is also active in property insurance. Players in the segment, however, have been trying to diversify their portfolios by raising the share of other insurance products, including business property, to which solar parks belong.

As at end-September, the company's premium revenue amounted to BGN 47 million (USD 32m/EUR 24m), while its market share stood at 4.9%

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