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Wick Veloso MANILA, Philippines — For the third straight year, state-controlled pension fund Government Service Insurance System (GSIS) outperformed its non-life insurance premium target in 2024. GSIS posted P10.5 billion in non-life insurance premiums, surpassing its P8.
9 billion target for the year. “These achievements reflect the growing trust of government agencies in GSIS as a reliable partner in risk management,” GSIS president and general manager Wick Veloso said a press statement. “Our insurance programs are not just financial safeguards—they are strategic tools that enable agencies to recover faster from calamities and continue public service with minimal disruption.
” READ: GSIS eyes investing in infra, property development To enhance its capabilities, GSIS is collaborating with the Japan International Cooperation Agency (JICA) through a Technical Cooperation Project. The initiative focuses on improving GSIS’s risk assessment models, refining its underwriting process, and promoting the importance of insuring public properties. In recognition of government efforts to safeguard their assets, GSIS held the second Seal of Protection Awards in November 2024, honoring local government units and national agencies that have demonstrated exemplary commitment in securing their infrastructure through GSIS insurance.
As climate risks and other unforeseen events continue to threaten public infrastructure, GSIS said it would expand the reach of its insurance coverage, support post-disaster recovery efforts and strengthen partnerships with national and local government agencies. READ: GSIS raises stake in Gokongwei-led REIT As an added layer of protection for cities, GSIS now offers Parametric Insurance in addition to traditional indemnity insurance coverage. This type of insurance allows for the quick release of funds that cities can use for disaster recovery.
“We urge more agencies to insure their properties, with GSIS. Preparedness is no longer optional—it’s essential,” Veloso added. In 2023, GSIS recorded P9.
7 billion in non-life insurance premiums against a P6 billion target, and in 2022, production reached P6.84 billion compared with a P6-billion goal. – Doris Dumlao-Abadilla Subscribe to our daily newsletter By providing an email address.
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