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.