GSIS written insurance premiums rise by 12% in Q1
GOVERNMENT Service Insurance System (GSIS) saw its written insurance premiums grow by 12% in the first quarter to P2.98 billion from P2.65 billion, it said on Thursday.
“The GSIS General Insurance has issued 52,644 total policies, with total sum insured amounting to P798.4 billion,” the state-run pension fund said in a statement.
This resulted in a 35% increase in net income to P3.3 billion, up from P2.4 billion in the same period last year.
The net worth of the GSIS General Insurance Fund (GIF) grew by 7% to P54.63 billion at end-March from P51.26 billion at end-2023.
“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,” GSIS President and General Manager Jose Arnulfo “Wick” A. Veloso said.
“GSIS is aggressively campaigning for the protection of 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 are able to pool long-term funds and put them in investments to help grow the overall economy,” he added.
GSIS Senior Vice-President for Insurance Valerie K. Marquez added that the state pension fund will soon be issuing parametric insurance for local government units. The policy will pay out benefits based on the occurrence of a pre-defined event, such as earthquakes of a specific magnitude or typhoon winds breaching a specific speed.
“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,” Ms. Marquez said. — A.M.C. Sy