MANILA - The Government Service Insurance System (GSIS) has affirmed its status as the Philippines' premier non-life insurer, boasting a net worth of PHP50.15 billion. This announcement came on Wednesday, marking a significant milestone for the state-run pension fund.
According to Philippines News Agency, the organization achieved a record-breaking PHP9.8 billion in gross premiums written (GPW) for its non-life insurance segment last year, a 44 percent increase from the PHP6.8 billion recorded the previous year. This growth is the highest in the institution's history, underscoring its expanding role in providing insurance coverage to government properties.
GSIS President and General Manager Wick Veloso highlighted the importance of this achievement, stating, "With more government agencies insuring their properties with the GSIS, we are helping the country strengthen our national resilience." He emphasized the critical role of insurance in protecting assets and alleviating fiscal pressures during natural disasters, which are becoming increasingly frequent.
To further secure government assets and enhance fund growth, Veloso has spearheaded initiatives to boost the marketing of non-life insurance products. These efforts include recognizing top performers at weekly flag-raising ceremonies and engaging with local government officials to promote GSIS insurance coverage. Additionally, the GSIS has ramped up online and in-person insurance marketing caravans, alongside regular training and workshops for agency property officers across various government entities.
The GSIS is also innovating its services with the upcoming launch of a property inventory mobile application designed to streamline property registration for government officials. A new city parametric insurance product is expected to be introduced in the first half of the year.
Noteworthy clients of GSIS span several key government agencies and local government units, including the Bureau of the Treasury, Department of Transportation-Metro Rail Transit 3, and the city governments of Quezon City, Pasig, and Makati, among others. In recognition of their commitment to asset protection, Veloso awarded the GSIS Seal of Protection to 10 local government units last November, with Makati and Pasig receiving the Gold designation.
This achievement underscores GSIS's mandate under Republic Act No. 656, the Property Insurance Law, to insure all assets with government interests, offering a wide range of coverage options from fire to comprehensive general liability insurance.