GSIS insurance premiums near P5 billion in H1

MANILA, Philippines — State-run pension fund Government Service Insurance System (GSIS) saw its collection of non-life insurance premiums hit almost P5 billion in the first semester as more agencies moved to secure their assets from eventualities.

GSIS president and general manager Wick Veloso said the pension fund for government workers and retirees recorded roughly P5 billion in gross premiums written (GPW) in its non-life insurance business for January to June.

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.

Veloso said the pension fund has been aggressive in its campaign to protect government insurable assets and interests against unexpected losses such as fire, earthquakes and typhoons.

The agency is also pooling long-term funds and putting them in investments to help grow the overall economy.

Moving forward, GSIS said it will issue parametric insurance for local government units that pays out benefits based on the occurrence of a pre-defined event, such as earthquakes of a certain magnitude or typhoon winds breaching a specific speed.