The Government Service Insurance System (GSIS) announced that it has surpassed its non-life insurance premium target for the third consecutive year, highlighting its continued role in safeguarding public assets across the country.
The Manila Standard reported that the state-run insurer recorded PHP10.5bn ($189m) in non-life insurance premiums for 2024, surpassing its PHP8.9bn goal.
“These achievements reflect the growing trust of government agencies in GSIS as a reliable partner in risk management,” GSIS president and general manager Jose Arnulfo Veloso said, the newspaper reported.
GSIS announced that it is collaborating with the Japan International Cooperation Agency (JICA) through a technical cooperation project (TCP). The initiative aims to enhance GSIS’s risk assessment models, improve its underwriting process and raise awareness about the importance of insuring public properties.
As climate risks and other unforeseen events increasingly threaten public infrastructure, GSIS also announced plans to expand its insurance coverage, support post-disaster recovery efforts and strengthen partnerships with both national and local government agencies.
In addition to its traditional indemnity insurance, GSIS now offers parametric insurance, which enables the rapid disbursement of funds for cities to use in disaster recovery.