The Government Service Insurance System (GSIS), a state-run pension fund, has reported a record-breaking collection of non-life insurance premiums in 2024, surpassing its target. According to a news release, GSIS collected P10.5 billion in non-life insurance premiums last year, exceeding its P8.9 billion target for the period. This marks the third consecutive year that the state workers’ pension fund has outperformed its goal. In 2023, GSIS collected P9.7 billion in non-life insurance premiums against a target of P6 billion, and in 2022, it collected P6.884 billion, surpassing its P6 billion goal. GSIS President and General Manager Wick Veloso attributed these achievements to 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. To further enhance its capabilities, GSIS is collaborating with the Japan International Cooperation Agency (JICA) through a Technical Cooperation Project (TCP), focusing on improving risk assessment models, refining its underwriting process, and promoting the importance of insuring public properties.
