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State-run Government Service Insurance System (GSIS) has exceeded its non-life insurance premium target for the third year in a row, posting nearly 18 percent or ₱1.6 billion above its goal.
Last year, GSIS recorded ₱10.5 billion in non-life insurance premiums, beating its ₱8.9 billion target. This continued a strong streak after posting ₱9.7 billion in 2023 versus a ₱6 billion goal, and ₱6.84 billion in 2022 against the same target.
In a statement released April 26, GSIS said this reinforced the government-owned corporation’s “crucial role in protecting public assets nationwide.”
GSIS President and General Manager Wick Veloso said the series of beyond-target premiums reflects the “growing trust of government agencies in GSIS as a reliable partner in risk management.”
“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 said.
GSIS vowed to widen its insurance coverage as climate risks and unexpected events continue to impact public infrastructure. Alongside this are the commitment to help in disaster recovery, and work more closely with national and local governments.
The corporation also said it is working with Japan International Cooperation Agency (JICA) through a Technical Cooperation Project (TCP) aimed at improving its risk assessment, underwriting process, and awareness on insuring public assets.
To provide extra protection for cities, GSIS now offers parametric insurance alongside traditional coverage. This allows for faster fund releases to support disaster recovery.
Veloso urged the “more agencies to insure their properties with GSIS,” asserting that “preparedness is no longer optional—it’s essential.”
Late last year, GSIS honored local government units (LGUs) and national agencies that showed commitment to securing their infrastructure and other assets through GSIS insurance.
