GSIS Hits Record PHP10.5B in Non-Life Insurance Premiums

The Government Service Insurance System (GSIS) achieved a record-high PHP10.5 billion in non-life insurance premiums for 2024, surpassing its PHP8.9 billion target and marking its third consecutive year of exceeding goals.

This achievement follows GSIS’s strong performances in 2023, when it posted PHP9.7 billion against a PHP6 billion target, and in 2022, with PHP6.84 billion over a PHP6 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 Wick Veloso.

“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,” Veloso added.

To further strengthen its risk management capabilities, GSIS is collaborating with the Japan International Cooperation Agency (JICA) through a Technical Cooperation Project (TCP).

The TCP aims to enhance GSIS’s risk assessment models, refine underwriting processes, and promote the importance of insuring public properties across the country.

In November 2024, GSIS also hosted the second Seal of Protection Awards to recognize local government units and national agencies demonstrating exemplary efforts in safeguarding their assets through GSIS insurance coverage.

As climate risks and unforeseen events increasingly threaten public infrastructure, GSIS pledged to broaden its insurance reach, bolster post-disaster recovery support, and deepen partnerships with national and local government bodies.

To provide faster disaster recovery funding, GSIS has introduced Parametric Insurance alongside its traditional indemnity insurance products.

Parametric Insurance enables the quick release of funds to affected cities, ensuring that recovery operations begin without delay.

“We urge more agencies to insure their properties with GSIS,” Veloso said.

“Preparedness is no longer optional—it’s essential,” he added.