GSIS allocates P69.1 million for quake damage claims

MANILA, Philippines —  The Government Service Insurance System (GSIS) has earmarked P69.1 million in loss reserves to cover initial claims for government properties damaged by the magnitude 7.8 earthquake in Mindanao.

The GSIS said the amount is intended to support recovery efforts for agencies and local government units affected by the temblor.

The amount may be adjusted based on new reports and completed field assessments.

Initial reports submitted to GSIS showed 4,403 insurance policies with a total sum insured of P23.59 billion.

The city government of General Santos accounts for the largest reported insured properties.

The state insurer is ready to assist affected agencies as damage assessments continue, according to GSIS president and general manager Wick Veloso.

“We encourage agencies to regularly review their coverage and asset valuations so they can recover more quickly when disasters occur,” Veloso said.

GSIS personnel have begun inspecting structures and  institutions affected by the quake.

Veloso said disasters often reveal gaps in insurance coverage, especially when property values are not updated.