State-run Government Service Insurance System reported a record-breaking P6.8-billion gross premiums written in its non-life insurance business in 2022, the highest achieved by the fund in its history.
GSIS said the 2022 GPW increased by 15 percent from P5.9 billion in 2021. It also recorded a 33-percent or P1-billion increase in net premium written in the same year, from P3 billion in 2021 to P4 billion in 2022. With a net worth of P41 billion in 2022, GSIS is now 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 [Ferdinand] Marcos [Jr.] 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.
Acting on the president’s instruction, Veloso and his general insurance teams immediately embarked on a nationwide aggressive campaign and tripled GSIS’s efforts in marketing its non-life insurance products.
The pension fund chief has been going around the country to meet as many local government officials as possible to convince them to insure their properties with GSIS.
Veloso rallied his insurance teams and motivated them to go out to market their non-life insurance products. He awarded top performers who generated new insurance businesses during the weekly flag-raising ceremony.
GSIS also intensified the conduct of online and face-to-face insurance marketing caravans nationwide, with nearly 2,500 property officers in attendance. This is coupled by the regular training and capacity-building workshops of property officers from other government agencies to ensure that all government assets are adequately and comprehensively covered.
GSIS generated the bulk of big ticket accounts (with premium of above five million) in the second half of 2022. These included 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.
Under RA 656 (Property Insurance Law), GSIS is mandated to insure all properties, assets and interests of the government against any insurable risk. GSIS offers insurance coverage such as fire, engineering, marine hull, marine cargo, aviation, bonds, motor car, personal accident, contractor’s all risks, and comprehensive general liability insurance.