The Government Service Insurance System (GSIS) and the Japan International Cooperation Agency (JICA) convened their first Joint Coordinating Committee (JCC) meeting on Wednesday to advance a technical cooperation project aimed at strengthening public asset insurance against natural disasters.
The three-year project, launched in May 2024 following a November 2023 agreement, seeks to enhance GSIS’s underwriting capabilities, improve risk-based premium calculations, and develop a more accurate assessment of replacement costs for public assets.
“This joint effort is not just about protecting government assets. With a robust insurance framework, we are taking a proactive approach in building a stronger and safer nation,” GSIS president and general manager Wick Veloso said.
Veloso said climate change has made natural disasters more frequent and severe, underscoring the need for a modernized insurance system.
The Philippines has been ranked the world’s most disaster-prone country for the third consecutive year and has suffered around $23 billion (Php1 trillion) in losses from natural calamities since 1990.
JICA Insurance Expert Team Lead Takeshi Kuwabara said the partnership would help GSIS adopt Japanese best practices in public insurance.
“This collaboration with the Philippine government will integrate Japan’s expertise to improve GSIS’s capabilities and develop better insurance products and services,” Kuwabara said.
The initiative aligns with the Department of Finance’s National Disaster Risk Financing and Insurance Strategy and the Bureau of the Treasury’s National Asset Registry System. Officials from both agencies joined GSIS and JICA representatives in overseeing the project’s progress.
Japan is the world’s third-largest insurance market, behind the United States and China, while the Philippines has a largely underdeveloped sector due to limited awareness and affordability.
