The Government Service Insurance System (GSIS) has reported P9.8 billion in gross premiums written (GPW) for its non-life insurance business last year.
In a statement, the pension fund said this figure represents the highest GPW ever recorded in the history of GSIS.
The GPW for 2023 has seen a 44 percent increase 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,” Wick Veloso, GSIS president and general manager, said.
To fortify the protection of government assets and grow its funds, Veloso rallied the GSIS team to step up efforts in marketing non-life insurance products.
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.
GSIS said it will soon launch a property inventory mobile application to simplify property registration for government officers, and introduce a city parametric insurance product in the first half of the year.
Notable GSIS clients include the Bureau of the Treasury, Power Sector Assets and Liabilities Management Corp., Department of Transportation-Metro Rail Transit 3, Department of Education, Bureau of Quarantine, Manila International Airport Authority and Philippine Ports Authority.
The city governments of Quezon City, Pasig and Makati are also top clients of GSIS among local government units.
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.