Government Service Insurance System Posts Record P10.5 Billion in Non-Life Insurance Premiums
The Government Service Insurance System (GSIS) has exceeded its non-life insurance premium target for the third consecutive year, reinforcing its crucial role in safeguarding public assets across the country.
In 2024, the state-run insurer recorded P10.5 billion in non-life insurance premiums, surpassing its target of P8.9 billion. This achievement follows strong performances in previous years, with P9.7 billion in 2023 against a P6 billion target, and P6.84 billion in 2022 over a P6 billion goal.
“These achievements demonstrate the growing trust of government agencies in GSIS as a reliable partner in risk management,” said GSIS president and general manager Jose Arnulfo Veloso. “Our insurance programs serve not just as financial safeguards but as strategic tools that enable agencies to recover quickly from calamities and maintain public service with minimal disruption.”
The GSIS has been working with the Japan International Cooperation Agency (JICA) through a technical cooperation project aimed at enhancing its risk assessment models, refining its underwriting process, and promoting the importance of insuring public properties. In November 2024, the GSIS held its second Seal of Protection Awards, recognizing local government units and national agencies for their commitment to securing infrastructure through GSIS insurance.
As climate risks and unforeseen events continue to pose threats to public infrastructure, the GSIS plans to expand its insurance coverage, support post-disaster recovery efforts, and strengthen partnerships with national and local government agencies. The insurer now offers parametric insurance in addition to traditional indemnity insurance, facilitating the quick release of funds for disaster recovery.
“We urge more agencies to insure their properties with GSIS. Preparedness is no longer optional—it’s essential,” Veloso emphasized.
The GSIS’s continued success in exceeding its non-life insurance premium targets underscores its growing importance in the government’s risk management strategies. With its expanded insurance offerings and enhanced risk assessment capabilities, the GSIS is well-positioned to continue protecting public assets and supporting national development initiatives.
