The Government Service Insurance System (GSIS) again exceeded its non-life insurance premium target, collecting ₱10.5 billion in 2024 against the goal of only ₱8.9 billion. This marks the third consecutive year the state-run insurer has outperformed expectations, reinforcing its influence as a key player in protecting public sector assets nationwide.
In 2023, GSIS posted ₱9.7 billion in premiums—well above its ₱6 billion target—while in 2022, it brought in ₱6.84 billion versus a ₱6 billion goal. The outperformance, according to GSIS president and general manager Wick Veloso, reflects “the growing trust of government agencies in GSIS as a reliable partner in risk management.”
Veloso emphasized that GSIS’s insurance products serve as “strategic tools” for minimizing service disruption and speeding up recovery efforts following disasters.
To strengthen its technical capacity, GSIS is working with the Japan International Cooperation Agency (JICA) on a technical cooperation project aimed at enhancing its risk assessment and underwriting practices. The initiative also promotes a culture of proactive insurance adoption among public institutions.
Commercially, GSIS’s success highlights the expanding demand for institutional risk coverage amid rising climate threats. The insurer is further positioning itself at the forefront of innovation by offering Parametric Insurance, which enables faster payouts for disaster-stricken cities—an increasingly vital solution as resilience becomes a national priority.
In line with this agenda, GSIS held its second Seal of Protection Awards in November 2024, recognizing agencies that have shown exemplary commitment to insuring public infrastructure.
“As climate risks escalate, we urge more agencies to insure their properties with GSIS,” Veloso said. “Preparedness is no longer optional—it’s essential.”
