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Manila Bulletin devider Business devider GSIS insurance premiums up 12% in first quarter

GSIS insurance premiums up 12% in first quarter

Published May 2, 2024 04:00 am

The insurance premiums of the state-run Government Service Insurance System (GSIS) jumped to 12 percent in the first quarter of 2024.

The GSIS reported on Thursday, May 2, that their collected insurance premiums garnered P2.98 billion from January to March this year, which is higher than P2.65 billion last year.

The pension fund’s general insurance handed out a total of 52,644 total policies with P798.4 billion total insured.

Additionally, the GSIS noted a 35 percent increment in net income for the first three months of this year. To compare, the overall net income from end-March of 2023 was P2.4 billion, while this year marked P3.3 billion.

The GSIS General Insurance Fund (GIF) overall net worth during the first quarter also increased by 7 percent, from P51.26 billion to P54.63 billion.

With the recent gains generated by the state pension fund, GSIS President and General Manager Wick Veloso believed that their active insurance campaign continues to protect 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 can pool long-term funds and put them in investments to help grow the overall economy,” the GSIS chief shared.

“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.

Meanwhile, the government insurance system plans to issue a Parametric Insurance for Local Government Units. GSIS Vice President for Insurance Valerie Marquez explained that this program would pay out the benefits based on unprecedented events like intense magnitude earthquakes or typhoon winds reaching high speeds.

“We believe this type of insurance will help many LGUs 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,” she added.

To reach more members and pensioners, the GSIS also plans to upgrade its marketing strategies to cover insurable risks of government workers like automobile and fire insurance.

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