The Philippines' Government Service Insurance System (GSIS) is looking to overhaul its “archaic” underwriting practices and has formed a three-year partnership with the Japan International Cooperation Agency (JICA) to bolster protection of public assets in the Southeast Asian country.
JICA, a government agency that assists with economic and social growth in developing countries, will support GSIS in improving protection of insurable government properties and assets against disasters, the Philippine pension fund says in a statement posted on its website on November 27.
It did not provide specific details about the nature of the support other than saying that JICA will also share best practices in general insurance.
“There is a real and compelling need to re-examine outdated practices, old insurance models, and archaic underwriting systems,” GSIS President and General Manager Wick Veloso says in the statement.
GSIS, which manages retirement savings of 1.3 million civil servants, had 1.53 trillion pesos (US$27.55 billion) of assets under management as of end-2022.