GSIS non-life insurance premiums hit P6.8 billion

MANILA, Philippines — State-run pension fund Government Service Insurance System (GSIS) collected a record high P6.8 billion worth of non-life insurance premiums in 2022, as more agencies move to secure their assets.

Data showed the pension fund for government workers and retirees recorded P6.8 billion in gross premiums written (GPW) in its non-life insurance business last year, its highest to date.

This is also up by 15 percent from the 2021 GPW level of P5.9 billion.

Similarly, GSIS reported a 33 percent jump to P4 billion in its net premium written.

With a net worth of P41 billion last year, GSIS is now the biggest non-life insurer in the country.

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 said the agency has been aggressive in its nationwide campaign in marketing its non-life insurance products.

GSIS also intensified the conduct of online and face-to-face insurance marketing caravans nationwide, with nearly 2,500 property officers in attendance.

As a result, GSIS generated the bulk of big ticket accounts with a premium of above P5 million during the second half of 2022.

These included the Philippine Statistics Authority, Philippine Reclamation Authority, Cavitex Infrastructure Corp., Hann Philippines Inc., Eastern Visayas Regional Medical Center-Tacloban, and Vicente Sotto Memorial Medical Center-Cebu.

Also covered were Quirino Memorial Medical Center, state weather bureau PAGASA,, Philippine Coast Guard, Philippine Ports Authority, and additional assets of the Quezon City government.

GSIS earns income from the premium contributions, as well as loan payments from its members and pensioners.

The collection of more funds redounds to a longer fund life and assurance that members and pensioners will be able to receive their benefits when they fall due.