(File photo)
MANILA – The Government Service Insurance System (GSIS) reported a 12-percent increase in insurance premiums written in the first quarter of 2024, amounting to PHP2.98 billion compared to PHP2.65 billion in the same period last year.
GSIS President and General Manager Wick Veloso attributed the milestone to the state pension fund's aggressive campaign for the protection of all government insurable assets and interests.
"We protect the Government’s Budget and individual programs against unexpected insurable losses such as fire, earthquakes and typhoons. And more importantly, we are able to pool long-term funds and put them in investments to help grow the overall economy,” Veloso said.
“The sustained momentum of the performance of the GSIS has proven to be a catalyst of the economic development of the Philippines through supporting both the public and the private sectors,” he added.
The GSIS General Insurance issued 52,644 policies with a total sum insured of PHP798.4 billion.
With this, the net income of GSIS for the first quarter reached PHP3.3 billion, marking a 35-percent increase from PHP2.4 billion in the first quarter of 2023.
The net worth of the GSIS General Insurance Fund grew by 7 percent or PHP54.63 billion from PHP51.26 billion at the end of 2023.
GSIS Senior Vice President for Insurance Valerie Marquez said they will soon be issuing Parametric Insurance for Local Government Units which will pay out benefits based on the occurrence of a pre-defined event, such as earthquakes of a certain magnitude or typhoon winds breaching a specific speed.
"We believe this type of insurance will help many [local government units] as this does not require the traditional process of claims adjustment after a loss event. GSIS will pay out automatically when the triggering condition is met,” Marquez said.
The state pension fund is enhancing its marketing efforts to cover insurable risks for government workers, including automobile and fire insurance. (PNA)
