MANILA, Philippines — The Government Service Insurance System (GSIS) reported a record high P6.8 billion net of non-life insurance premiums in 2022.
In a statement on Monday, the GSIS said this is the highest in the agency’s history after more agencies moved to transfer their assets.
It said its gross premium written (GPW) in 2022 climbed by 15% from P5.9 billion in 2021.
Similarly, GSIS reported a 33-percent jump to P4 billion in its net premium written in 2022 from the previous P3 billion in 2021.
The agency said this brings its net worth to P41 billion in 2022, making it the “biggest non-life insurer in the country.”
“I commend the men and women of GSIS who made this achievement possible. During my oath-taking as head of GSIS in July 2022, one of the marching orders that President Marcos gave me was to provide insurance cover to all government properties. And we have been making headways in complying with the president’s directive,” GSIS President and General Manager Wick Veloso said.
In response to the President’s directive, GSIS said Veloso and his general insurance teams launched an aggressive statewide effort in marketing non-life insurance products.
In particular, Veloso has been going around the country to meet as many local government officials as possible and convince them to insure their properties with GSIS.
Top performers in the agency’s insurance teams who generated new insurance business every week were given incentives.
GSIS said it also intensified the conduct of online and face-to-face insurance marketing caravans across the country, with nearly 2,500 property officers in attendance.
Regular training and capacity-building workshops were also conducted for property officers from different government agencies to ensure all government assets were covered.
Therefore, in the second half of 2022, GSIS said it generated the most big-ticket accounts with premiums exceeding P5 million.
These included the Philippine Statistics Authority, Philippine Reclamation Authority/CAVITEX Infrastructure Corp, Hann Philippines, Inc., Eastern Visayas Regional Medical Center-Tacloban, Vicente Sotto Memorial Medical Center-Cebu, Quirino Memorial Medical Center, Philippine Atmospheric Geophysical and Astronomical Services, Philippine Coast Guard Marine Hull Fleet, PPA – Global Port, and additional assets of the Quezon City government.
GSIS is mandated by Republic Act No. 656 or the Property Insurance Law to ensure all government properties, assets, and interests against any insurable risk.
GSIS provides insurance for fire, engineering, marine hull, marine cargo, aviation, bonds, motor car, personal accident, contractor’s all risks and comprehensive general liability. — Meralyn Melitante, Inquirer.net trainee
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