The Government Service Insurance System (GSIS) said Sunday it exceeded its non-life insurance premium target for the third consecutive year, underscoring its role in protecting public assets nationwide.
The state-run insurer recorded P10.5 billion in non-life insurance premiums for 2024, surpassing its P8.9 billion goal. This followed a strong performance in 2023 with P9.7 billion against a P6-billion target, and P6.84 billion in 2022 over a P6-billion goal.
“These achievements reflect the growing trust of government agencies in GSIS as a reliable partner in risk management,” GSIS president and general manager Jose Arnulfo Veloso said.
“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,” said Veloso.
GSIS said it is working with the Japan International Cooperation Agency (JICA) through a technical cooperation project (TCP). The initiative focuses on improving GSIS’s risk assessment models, refining its underwriting process, and promoting the importance of insuring public properties.
In November 2024, GSIS held its second Seal of Protection Awards, recognizing local government units and national agencies for their commitment to securing infrastructure through GSIS insurance.
As climate risks and other unforeseen events continue to threaten public infrastructure, GSIS said it would expand its insurance coverage, support post-disaster recovery, and strengthen partnerships with national and local government agencies.
GSIS now offers parametric insurance in addition to traditional indemnity insurance, allowing for the quick release of funds for cities to use for disaster recovery.
“We urge more agencies to insure their properties with GSIS. Preparedness is no longer optional—it’s essential,” Veloso said.
