Hannover, 16 May 2013:
Hannover Re, in cooperation with KlimaProtect, has for the first time developed an energy savings warranty insurance product for industrial enterprises in Germany. This insurance solution enables providers of energy efficiency solutions to guarantee the potential energy savings offered by their retrofit activities. In the event that the promised energy savings fail to materialise, the company concerned receives deficiency payments from the contractor which are backstopped by the insurance coverage. Hannover Re, for its part, reinsures these energy savings warranties covered by its primary insurance clients.
The idea for the product is based on a warranty insurance solution jointly developed by Hannover Re in the United States, which it has now adapted in cooperation with KlimaProtect to fit the needs of German businesses.
"With this innovative insurance product we would like to create additional incentives to invest in energy-efficient measures and reduce energy consumption in Germany", explained Ulrich Wallin, Chief Executive Officer of Hannover Re.
Target clients for such warranty insurance include, for example, firms that improve exterior insulation, install heating systems and combined heat and power units or optimise lighting equipment. Going forward, Hannover Re expects to see further vigorous growth in investments in energy efficiency measures on the European market.