GSIS non-life insurance premiums hit P3 billion in Q1

MANILA, Philippines — State-run pension fund Government Service Insurance System (GSIS) hiked its collection of non-life insurance premiums to P3 billion in the first quarter as more agencies move to secure their assets from eventualities.

Data showed that the pension fund for government workers and retirees recorded P2.98 billion in gross premiums written (GPW) in its non-life insurance business from January to March.

This was a 12-percent increase from the P2.65 billion in premiums in the same period last year.

GSIS has issued 52,644 total policies amounting to P798.4 billion.

As such, the net worth of the GSIS General Insurance Fund as of end-March stood at P54.63 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 said the pension fund has been aggressive in its campaign to protect government insurable assets and interests.

“We protect the government’s budget and individual programs against unexpected insurable losses such as fire, earthquakes and typhoons,” he said.

“More importantly, we are able to pool long-term funds and put them in investments to help grow the overall economy.”