The cover provides that Munich Re will pay for the repair or
replacement of defective turbines or individual components if there
are serial losses affecting a number of elements
– such as the gearbox, the rotor or the
tower. Munich Re will also cover the substantial costs involved in
deploying the special vessels required. The five-year cover
includes retrofits carried out on units in which defective parts
have been installed, even if no loss or damage has been sustained.
One of Munich Re's specialty primary insurers is involved in
providing this insurance solution, which was developed in
conjunction with Nordwest Assekuranz.
Thanks to Munich Re's serial loss cover, REpower is able to
secure its guarantees, since the cost of repairing turbines at sea
can be extremely high. The serial loss cover also facilitates the
financing of major offshore projects by giving investors more
security. Before the cover was concluded, Munich Re carried out a
detailed survey of REpower's manufacturing processes.
Marcus A. Wassenberg, Chief Financial Officer of REpower:
"Serial loss cover for offshore wind farms gives our customers
certainty regarding the funding of major projects, and the
insurance cover and the guarantee Munich Re provides with it
testify to the quality of our wind energy units."
Thomas Haukje, Managing Partner of Nordwest Assekuranz: "With
this insurance solution we are again breaking new ground in the
cover of special risks for the booming offshore energy industry. It
marks a milestone in the field of major offshore wind
Munich Re Board member Dr. Thomas Blunck: "With innovative
solutions like this serial loss cover, we create investor security
and help new technologies for the production of renewable energy
gain a foothold in the market."
As well as offering more conventional property insurance, such
as machinery breakdown cover, Munich Re has developed a number of
other special renewable energy covers in recent years. In the
offshore energy sector, in addition to the serial loss insurance
agreed for the first time, cover is also being developed relating
to delays that may affect offshore projects if vessels cannot be
deployed due to bad weather conditions. In addition, Munich Re
already has covers to insure the risk of loss of income if there is
less wind than projected.
Note for editorial departments
In case of enquiries, please contact:
Media Relations Munich, Gerd Henghuber
Tel.: +49 (89) 38 91-98 96
Media contact in Asia, Nikola Kemper
Tel.: +852 2536 6936
Media Relations USA, Beate
Tel.: +1 (609) 243-4622
Munich Re stands for exceptional solution-based
expertise, consistent risk management, financial stability and
client proximity. Munich Re creates value for clients, shareholders
and staff alike. In the financial year 2011, the Group
– which combines primary insurance and
reinsurance under one roof – achieved a
profit of €0.71bn on premium income of
around €50bn. It operates in all lines of
insurance, with around 47,000 employees throughout the world. With
premium income of around €27bn from
reinsurance alone, it is one of the world's leading reinsurers.
Especially when clients require solutions for complex risks, Munich
Re is a much sought-after risk carrier. Its primary insurance
operations are concentrated mainly in the ERGO Insurance Group, one
of the major insurance groups in Germany and Europe. ERGO is
represented in over 30 countries worldwide and offers a
comprehensive range of insurances, provision products and services.
In 2011, ERGO posted premium income of
€20bn. In international healthcare business,
Munich Re pools its insurance and reinsurance operations, as well
as related services, under the Munich Health brand. Munich Re's
global investments amounting to €202bn are
managed by MEAG, which also makes its competence available to
private and institutional investors outside the Group.
This press release contains forward-looking statements that are
based on current assumptions and forecasts of the management of
Munich Re. Known and unknown risks, uncertainties and other factors
could lead to material differences between the forward-looking
statements given here and the actual development, in particular the
results, financial situation and performance of our Company. The
Company assumes no liability to update these forward-looking
statements or to conform them to future events or developments.
Munich, 4 December 2012
Aktiengesellschaft in München