The insurance premium written by the Government Service Insurance System (GSIS) in the first three months this year hit P2.98 billion. This was 12 percent more than only P2.65 billion in premiums written a year earlier. The GSIS General Insurance issued a total 52,644 total policies, with total sum insured amounting to P798.4 billion.
At end-March this year, its net income totaled P3.3 billion or 35 percent more than only P2.4 billion in first quarter of 2023.
The net worth of the GSIS General Insurance Fund (GIF) during the quarter was up seven percent to P54.63 billion from P51.26 billion at end-2023.
GSIS president and general manager Wick Veloso said “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. And more importantly, we are able to pool long-term funds and put them in investments to help grow the overall economy.”
“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, said GSIS will soon be issuing parametric Insurance for local government units. 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.
Marquez said “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.”
GSIS is also boosting its marketing efforts to cover insurable risks of government workers such as automobile and fire insurance.
