GSIS non-life insurance premiums hit record high P9.8 billion in 2023

MANILA, Philippines — State-run pension fund Government Service Insurance System (GSIS) saw its collection of non-life insurance premiums rise to an all-time high of P9.8 billion in 2023.

The figure was 44 percent higher than the 2022 level of P6.8 billion.

With a net worth of P50.15 billion last year, GSIS is now the biggest non-life insurer in the country.

Under the law, GSIS is mandated to provide insurance cover to all government assets and properties with insurable interests.

GSIS offers the following insurance coverage such as fire, engineering, marine hull and cargo, aviation, bonds, motor car, personal accident, contractor’s all risks, and comprehensive general liability insurance.

GSIS president and general manager Wick Veloso attributed the increase to more government agencies insuring their properties with the pension fund.

“In the face of more frequent natural disasters, securing insurance coverage becomes crucial in safeguarding assets and mitigating budgetary strains during calamities,” Veloso said.

To boost protection of state assets and grow GSIS funds, the agency has been aggressive in its nationwide campaign in marketing its non-life insurance products.

GSIS also intensified the conduct of online and face-to-face insurance marketing caravans nationwide.

Moving forward, GSIS plans to launch a property inventory mobile application to simplify property registration for government officers, and introduce a city parametric insurance product.