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Manila Bulletin devider Business devider GSIS non-life insurance business reaches all-time high

GSIS non-life insurance business reaches all-time high

Published Feb 9, 2024 05:53 am

With an expanding portfolio of insured properties from government agencies, the Government Service Insurance System (GSIS) has emerged as the largest non-life insurer in the country.

Wick Veloso, GSIS president and general manager, said the pension fund's gross premiums written (GPW) for its non-life insurance business surged by 44 percent from January to December, hitiing P9.8 billion compared to P6.8 billion the previous year.

Veloso said that the GPW for 2023 stands as the highest recorded in GSIS's history.

With a net worth of P50.15 billion in 2023, Veloso added that GSIS has become the largest non-life insurer in the country.

“With more government agencies insuring their properties with the GSIS, we are helping the country strengthen our national resilience,” Veloso said in a statement.

“In the face of more frequent natural disasters, securing insurance coverage becomes crucial in safeguarding assets and mitigating budgetary strains during calamities,” he added.

To better protect government assets and increase its funds, Veloso encouraged the GSIS team to enhance their marketing of non-life insurance products.

In accordance with Republic Act No. 656, also known as the Property Insurance Law, the GSIS is required to insure all assets and properties with government insurable interests. 

The coverage includes fire, engineering, marine hull, marine cargo, aviation, contractor’s all risks, bonds, motor car, personal accident, and comprehensive general liability insurance.

Meanwhile, Veloso announced a P44 million emergency loan program for GSIS members and pensioners affected by heavy rainfall in the municipalities of Mercedes and Vinzons in Camarines Norte.

Active GSIS members in the affected areas can apply for the loan if they have paid premiums within the last six months, are not on unpaid leave, have no pending cases, and have a net take-home pay of at least P5,000 after deductions.

Old-age and disability pensioners in the affected areas may also apply if their resulting net monthly pension after the loan is at least 25 percent of their basic monthly pension and they have no outstanding loans except pension loans.

Related Tags

Government Service Insurance System (GSIS) non-life insurance Wick Veloso GSIS President and General manager
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