Anora Agency

Anora 10-year Long Service Award We are pleased to share Siti Norhariah, our support team colleague has been given the Anora 10 year Long Service Award. A decade of dedicated service to the company and also to the insurance industry, is a significant contribution to be acknowledged and celebrated. Congratulations Ery! We look forward to working closely with you for many more years to come.

STATE OF SOLAR ENERGY IN ASEAN The recent COP28 vowed to triple renewable energy means for Asia. This translates to significant increases in solar energy infrastructure and greater opportunities for ASEAN. As countries focus on reducing emissions and increasing renewable energy, the geopolitics of energy is shifting towards regions with a competitive edge in clean technologies. For Southeast Asia, a region of rapidly growing emerging economies committed to addressing climate change, this trend offers both challenges and opportunities. ASEAN has yet to establish itself as a leader in clean energy, but progress has been made in terms of pledges and installations. Solar energy has gained mainstream policy support in most ASEAN member states, with Vietnam adding almost 20 gigawatts of solar energy capacity in just four years. Thailand and Indonesia have also made significant progress. Notably, Indonesia recently inaugurated a 192 megawatt peak (MWp) floating solar power plant on a reservoir as part of a drive to increase renewable energy sources. Southeast Asia currently has the capacity to produce 69 GW worth of solar power modules and components. Thailand, Vietnam and Malaysia account for about 10% of global solar cell and module production. The capacity gap has attracted interest from global investors and efforts are being made to establish manufacturing bases in Southeast Asia. Regional cooperation in the energy sector has been limited, with plans for an ASEAN Power Grid progressing slowly and energy trading remaining minimal. The ASEAN Plan of Action for Energy Cooperation has been viewed as lacking a real regional strategy. However, there are signs of a shift towards a regional approach. Singapore and Indonesia have signed a pact focused on green energy industrial cooperation, including the development of a floating solar farm and solar cell and module factories. Singapore has also secured a clean energy trade agreement with Cambodia. Increased cooperation will be needed to boost ASEAN's solar leadership, including technology exchanges, investment facilitation and collaboration to expand exports to other countries. To ensure the region's power system can accommodate more solar energy, solid grid interconnectivity between countries, increased storage capacity and power system flexibility will be crucial. The International Renewable Energy Agency estimates that Southeast Asia will need to install 240 GW of solar energy by 2030, highlighting the growing demand for solar photovoltaic modules in the region. In order to guarantee a steady source of solar cell and module supplies, Southeast Asian nations can work together to establish the region as a production hub, leveraging each country's existing industries. Let’s not forget that with more infrastructure comes more risk. Therefore risk management and well defined insurance programs with a mix of parametric and indemnity insurance needs to be deployed.