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July 14, 2024

GSIS now largest non-life insurer

State-run Government Service Insurance System (GSIS) reported a record-breaking P9.8 billion in gross premiums written (GPW) for its non-life insurance business in 2023.

The figure represents the highest GPW recorded in the history of GSIS.

The GPW for 2023 saw a 44% growth compared to the previous year’s P6.8 billion. With a net worth of P50.15 billion in 2023, GSIS now stands as the largest non-life insurer in the country.

“With more government agencies insuring their properties with the GSIS, we are helping the country strengthen our national resilience. In the face of more frequent natural disasters, securing insurance coverage becomes crucial in safeguarding assets and mitigating budgetary strains during calamities,” GSIS president and general manager Wick Veloso said.

To fortify the protection of government assets and grow its funds, Veloso rallied the GSIS team to step up its efforts in marketing non-life insurance products.

He recognized top performers during weekly flag-raising ceremonies to acknowledge outstanding performance. He also engaged with local government officials nationwide to encourage them to insure their properties with the GSIS.

Online and face-to-face insurance marketing caravans nationwide were also intensified as the GSIS continued to conduct regular training and capacity-building workshops for agency property officers from various government agencies.

The GSIS will soon launch a property inventory mobile application to simplify property registration for government officers, and introduce a city parametric insurance product on the first half of the year.

Its GSIS clients include the Bureau of Treasury, Power Sector Assets and Liabilities Management Corporation, Department of Transportation-Metro Rail Transit 3, Department of Education, Division of City Schools-CGO Quezon, Bureau of Quarantine, Manila International Airport Authority, and Phil Ports Authority. The city governments of Quezon City, Pasig and Makati are also top clients of GSIS among local government units.

Veloso conferred the GSIS Seal of Protection to 10 local government units that prioritized the protection of their assets against unforeseen challenges by insuring their properties with GSIS in November 2023. Awarded with the GSIS Seal of Protection are the city governments of Makati and Pasig (Gold); Valenzuela, Navotas, San Juan, Pasay, Parañaque, and Quezon City (Silver); and Manila and Muntinlupa (Bronze).

Under Republic Act No. 656 or the Property Insurance Law, the GSIS is mandated to cover all assets and properties that have government insurable interests. It provides insurance coverage such as fire, engineering, marine hull, marine cargo, aviation, contractor’s all risks, bonds, motor car, personal accident and comprehensive general liability insurance.