GSIS insurance premiums surge by 12% in Q1

By Francis Allan L. Angelo

The Government Service Insurance System (GSIS) reported a 12% increase in insurance premiums for the first quarter of 2024, reaching Php2.98 billion compared to Php2.65 billion year-on-year.

GSIS General Insurance issued 52,644 policies, with the total sum insured amounting to Php798.4 billion.

As of the end of March, GSIS’s net income rose by 35% to Php3.3 billion, up from Php2.4 billion in the first quarter of 2023.

The net worth of the GSIS General Insurance Fund (GIF) also increased by 7%, reaching Php54.63 billion from Php51.26 billion as of the previous year-end.

“GSIS is aggressively campaigning for the protection of all government insurable assets and interests. We protect the Government’s Budget and individual programs against unexpected insurable losses such as fire, earthquakes, and typhoons. More importantly, we are able to pool long-term funds and put them in investments to help grow the overall economy,” GSIS President and General Manager Wick Veloso said in a press statement.

“The sustained momentum of the performance of the GSIS has proven to be a catalyst of the economic development of the Philippines through supporting both the public and the private sectors,” Veloso added.

GSIS Senior Vice President for Insurance Valerie Marquez announced plans to issue Parametric Insurance for Local Government Units (LGUs). This type of insurance 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.

“We believe this type of insurance will help many LGUs as this does not require the traditional process of claims adjustment after a loss event. GSIS will pay out automatically when the triggering condition is met,” Marquez said.

GSIS is also enhancing its marketing efforts to cover insurable risks of government workers, including automobile and fire insurance.