For 2024, GSIS recorded ₱10.5 billion in non-life insurance premiums, outperforming its ₱8.9-billion target. This continues a strong trend: in 2023, GSIS posted ₱9.7 billion against a target of ₱6 billion, while in 2022 it achieved ₱6.84 billion, surpassing a ₱6 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.”
In a move to further boost its capabilities, GSIS is collaborating with the Japan International Cooperation Agency (JICA) through a Technical Cooperation Project (TCP). The initiative aims to enhance GSIS’s risk assessment models, refine its underwriting processes, and promote the importance of insuring public properties.
In November 2024, GSIS also held the second Seal of Protection Awards, recognizing local government units (LGUs) and national agencies that demonstrated outstanding commitment to securing their infrastructure through GSIS insurance.
As climate change and other unforeseen events increasingly threaten public infrastructure, GSIS pledged to expand its insurance coverage, strengthen support for post-disaster recovery, and deepen partnerships with national and local agencies.
Adding another layer of protection, GSIS now offers Parametric Insurance alongside traditional indemnity insurance. This innovative coverage enables the rapid release of funds for cities affected by disasters, providing vital resources for recovery efforts.
“We urge more agencies to insure their properties with GSIS. Preparedness is no longer optional—it’s essential," Veloso stressed. —Ed: Corrie S. Narisma
