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THE Government Service Insurance System (GSIS) has once again outperformed its non-life insurance premium target, marking its third straight year of exceeding goals and reinforcing its crucial role in protecting public assets nationwide.
For 2024, GSIS posted P10.5 billion in non-life insurance premiums, significantly surpassing its P8.9 billion target. This follows its strong performance in 2023 when it recorded P9.7 billion against a P6 billion target, and in 2022 with P6.84 billion production over a P6 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," added Veloso.
To further enhance its capabilities, GSIS is collaborating with the Japan International Cooperation Agency or JICA through a Technical Cooperation Project. The initiative focuses on improving GSIS' risk assessment models, refining its underwriting process and promoting the importance of insuring public properties.
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In recognition of government efforts to safeguard their assets, GSIS held the second Seal of Protection Awards in November 2024, honoring local government units and national agencies that have demonstrated exemplary commitment in securing their infrastructure through GSIS insurance.
As climate risks and other unforeseen events continue to threaten public infrastructure, GSIS vows to expand the reach of its insurance coverage, support post-disaster recovery efforts, and strengthen partnerships with national and local government agencies.
As an added layer of protection for cities, GSIS now offers Parametric Insurance in addition to traditional indemnity insurance coverage. This type of insurance allows for the quick release of funds that cities can use for disaster recovery.
"We urge more agencies to insure their properties with GSIS. Preparedness is no longer optional; it's essential," Veloso said.
