GSIS teams up with Japan to enhance insurance expertise

The Japan International Cooperation Agency (JICA) will support the Government Service Insurance System (GSIS) in expanding the pension fund’s insurance business.

In a statement, GSIS announced signing a new technical agreement with JICA as part of the Japanese government's recently launched Technical Cooperation Project (TCP).

Wick Veloso, GSIS president and general manager, said the agreement goes beyond safeguarding government assets for the future.

“With a robust insurance framework, this collaborative mission is a pro-active approach in demonstrating the GSIS commitment to building a stronger and safer nation through sustainable infrastructure practices,” he said.

JICA is a Japanese agency that helps developing regions by supporting their socio-economic development, recovery, and economic stability through official development aid (ODA). 

TCP, meanwhile, aims to improve GSIS' Insurance Group by enhancing its ability to calculate replacement costs and establish accurate insurance premium rates. 

The project will also focus on creating an effective Information and Education Campaign (IEC) to raise public awareness about the importance of insurance.

In the first quarter of 2024, the GSIS reported a net income of P37 billion, a 21 percent increase from P30.75 billion in the same period last year.

GSIS the growth was driven by strong revenues reaching P85 billion, with total general insurance premium Income amounted to P2.55 billion year-to-date.