What is the product?

Munich RE’s1 coverage for battery storage systems provides protection against excessive costs for repair and replacements due to component failure or unexpected capacity degradation, and potentially also the insolvency of a key component or system supplier. It is aimed at players all along the value chain: component suppliers, manufacturers and integrators, as well as users and investors of such battery systems.

For certain use cases, uptime and availability of the system are paramount – therefore we are expanding our coverage to provide coverage for those as well.

How does it support green outcomes?

Battery technology is a keystone for the energy transition: for one, it can help to stabilise grids and provide energy when the sun doesn’t shine, and the wind doesn’t blow.

By providing protection for the performance of this complex and rapidly advancing technology, we enable suppliers and manufacturers in providing reliable, comprehensive and long-term warranties for their products and help them, their customers and investors into battery projects to manage their technology and warranty risks.

How does it enable customers today?

Munich RE provides an insurance backstop to the product and performance warranties of an integrator and operator of lithium-ion battery storage systems in the commercial and industrial segment. This is key for them to acquire capital from more conservative investors for their growth plans.