The Philippines’ Government Service Insurance System (GSIS) reported a record 9.8 billion pesos (US$180 million) in gross premiums written last year, making the pension fund the biggest non-life insurer in the Southeast Asian country.
Premiums written jumped 44% from 6.8 billion pesos in 2022, the GSIS says in a statement on February 7.
Net worth of the state-run pension fund for public sector workers stood at 50.2 billion pesos and its assets under management were 1.6 trillion pesos.
According to GSIS President and General Manager Jose Arnulfo “Wick” Veloso, the pension fund is “helping the country strengthen our national resilience” by insuring properties of more government agencies.
“In the face of more frequent natural disasters, securing insurance coverage becomes crucial in safeguarding assets and mitigating budgetary strains during calamities,” he says in the statement.
The fund’s government clients include the Bureau of the Treasury, Bureau of Quarantine, Department of Education, Department of Transportation’s Metro Rail Transit 3, Manila International Airport Authority, Philippine Ports Authority, Power Sector Assets and Liabilities Management Corporation, as well as the local governments of Makati, Pasig and Quezon City in Metro Manila.
Philippine legislation mandates the GSIS to insure all public assets, interests and properties against any risk. It covers aviation, bonds, engineering, contractors’ all risk, fire, marine cargo and hull, car, personal accident as well as comprehensive general liability insurance.
The pension fund says it will launch a city parametric insurance product in the first half of 2024, and also roll out a property inventory mobile app aimed at simplifying property registration for public officials.
