The Government Service Insurance System (GSIS) announced on Wednesday it remains to be the largest non-life insurer in the country with a current net worth of PHP50.15 billion.
This, after the state pension fund recorded PHP9.8 billion in gross premiums written (GPW) for its non-life insurance business last year.
Highest ever recorded in its history, the 2023 GPW of GSIS increased by 44 percent compared from the previous year’s PHP6.8 billion.
“With more government agencies insuring their properties with the GSIS, we are helping the country strengthen our national resilience,” GSIS President and General Manager Wick Veloso said.
“In the face of more frequent natural disasters, securing insurance coverage becomes crucial in safeguarding assets and mitigating budgetary strains during calamities,” he 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.
During weekly flag-raising ceremony, Veloso recognizes top performers and engaged with local government officials 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.
Notable GSIS clients include the Bureau of the 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 Philippine Ports Authority.
Among local government units, the city governments of Quezon City, Pasig and Makati are the top clients of GSIS.
In November last year, Veloso conferred the GSIS Seal of Protection to 10 local government units who have prioritized the protection of their assets against unforeseen challenges by insuring their properties with GSIS.
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. (PNA)