Zijin Insurance and Narada Power signed an energy storage quality and performance insurance contract to protect Chinese companies' overseas expansion

On December 7, Zijin Insurance, Munich Reinsurance (Munich RE) and Narada Power signed a strategic cooperation agreement to cooperate on the quality and performance assurance of energy storage system products. Huan Heng, President of Zijin Insurance, Zhu Baoyi, Chairman of Narada Power, Kollsman, Sales Director of Munich Re Germany GTS, and relevant persons in charge attended the signing ceremony.

In recent years, the global energy storage industry has developed rapidly, and China's energy storage battery shipments have accounted for 92% of the world. With the rapid growth of shipments, overseas customers have put forward higher requirements for the warranty and long-term performance stability of electrochemical energy storage systems, especially battery products. In order to effectively solve the pain points of energy storage system manufacturers, Zijin Insurance and Munich Reinsurance Company jointly developed the first domestic energy storage system quality and performance warranty insurance clause to provide product quality risk protection for energy storage systems.

Huan Heng, President of Zijin Insurance, said that as an important support for building a new power system and promoting energy transformation, the energy storage industry is facing unprecedented development opportunities. The cooperation between Zijin Insurance and Narada is an active exploration to implement the spirit of the Central Financial Work Conference, adhere to financial services for the real economy, and do a good job in "green finance". In the next step, Zijin Insurance will conduct in-depth research on risk reduction management technologies in the production and operation of energy storage systems, deepen insurance service support in the upstream and downstream of the energy storage industry chain, promote the three parties to give full play to their respective advantages, help China's manufacturing industry "go global", and make greater contributions to the achievement of dual carbon goals.

Narada has been deeply involved in the energy storage industry for nearly 30 years, with projects in more than 160 countries and regions around the world, and has become a leader in the global energy storage industry. Munich RE is the world's leading reinsurance group, with more than a hundred years of risk management experience and a global customer network. Zijin Insurance was formally established in 2009 under the guidance of the Jiangsu Provincial Party Committee and the Provincial Government's financial power strategy. In recent years, it has developed into one of the top three local insurance companies. With the strategic vision of becoming "a leading provider of comprehensive insurance services and solutions in the country", it is committed to creating a new benchmark for the high-quality development of local insurance companies.