The Government Service Insurance System (GSIS) has once again exceeded its non-life insurance premium target, marking its third consecutive year of surpassing expectations and reaffirming its pivotal role in protecting public infrastructure across the Philippines.
In 2024, GSIS collected ₱10.5 billion in non-life insurance premiums—well above its ₱8.9 billion target. This continues the upward trend from previous years: ₱9.7 billion collected in 2023 versus a ₱6 billion goal, and ₱6.84 billion in 2022 against the same ₱6 billion target.
“These consistent achievements reflect the growing confidence of government agencies in GSIS as a trusted partner in risk management,” said GSIS President and General Manager Wick Veloso. “Our insurance programs go beyond financial protection—they are strategic tools that enable faster recovery from calamities and ensure continuity of public services.”
To further strengthen its capacity, GSIS is collaborating with the Japan International Cooperation Agency (JICA) under a Technical Cooperation Project (TCP). The initiative aims to enhance GSIS’s risk assessment and underwriting processes and raise awareness about the importance of insuring public assets.
As part of its advocacy to promote risk preparedness, GSIS hosted the second Seal of Protection Awards in November 2024. The event recognized national agencies and local government units that have shown outstanding commitment to protecting their infrastructure through GSIS insurance programs.
With climate change and natural disasters posing increasing threats to public infrastructure, GSIS is committed to expanding coverage, improving disaster response, and deepening partnerships with both national and local governments.
One of GSIS’s latest innovations is the introduction of Parametric Insurance, a product that complements traditional indemnity insurance. This solution enables the rapid release of recovery funds based on predefined triggers such as rainfall or wind speed—empowering cities to act quickly in the wake of disasters.
“We strongly encourage more agencies to secure their assets through GSIS,” Veloso urged. “In today’s climate, preparedness is no longer optional—it’s essential.”
