MANILA, Philippines — The Government Service Insurance System (GSIS) has once again exceeded its non-life insurance premium target, marking the third consecutive year of surpassing expectations and underscoring its pivotal role in protecting public assets nationwide.
According to the Manila Standard, the state-run insurer collected PHP10.5 billion (approximately $189 million) in non-life insurance premiums for 2024, well above its projected PHP8.9 billion goal.
“These achievements reflect the growing trust of government agencies in GSIS as a reliable partner in risk management,” said GSIS president and general manager Jose Arnulfo Veloso, as quoted by the newspaper.
As part of its strategic efforts to strengthen public asset protection, GSIS is working with the Japan International Cooperation Agency (JICA) through a technical cooperation project. The initiative is designed to improve the institution’s risk assessment capabilities, refine underwriting processes, and promote awareness of the importance of insuring government-owned properties.
Amid mounting threats from climate change and other natural hazards, GSIS has also announced plans to broaden its insurance coverage. The agency aims to bolster post-disaster recovery and deepen collaboration with both national and local government entities.
In a move to further enhance disaster resilience, GSIS now offers parametric insurance — a policy type that allows for swift release of recovery funds based on predefined triggers, enabling quicker response and rehabilitation for affected municipalities.
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