MANILA, Philippines — The non-life insurance premium collections of state-run pension fund Government Service Insurance System (GSIS) rose to a record P10.5 billion in 2024 as more agencies moved to secure their assets from eventualities.
Data showed that the pension fund for government workers and retirees recorded P10.5 billion in gross premiums written (GPW) in its non-life insurance business last year, its highest to date.
This was an 8.2-percent increase from the 2023 GPW level of P9.7 billion and 18 percent higher than its target of P8.9 billion.
Under the law, GSIS is mandated to provide insurance cover to all government assets and properties with insurable interests.
GSIS offers the following insurance coverage such as fire, engineering, marine hull and cargo, aviation, bonds, motor car, personal accident, contractor’s all risks and comprehensive general liability insurance.
GSIS president and general manager Wick Veloso attributed the increase to more government agencies insuring their properties with the pension fund.
“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,” he said.
To further enhance its capabilities, GSIS is collaborating with the Japan International Cooperation Agency for a project that would focus on improving the pension fund’s risk assessment models, refining its underwriting process and promoting the importance of insuring public properties.
Moving forward, GSIS has committed to expand the reach of its insurance coverage, support post-disaster recovery efforts and strengthen partnerships with national and local government agencies amid climate risks that threaten public infrastructure.