GSIS of the Philippines sets new record in non-life insurance premiums

Insurance boss unveils company's growth strategy

GSIS of the Philippines sets new record in non-life insurance premiums

Insurance News

By Roxanne Libatique

The Government Service Insurance System (GSIS) in the Philippines, a state-run pension fund, achieved a landmark in its non-life insurance segment – reporting gross premiums written (GPW) of P9.8 billion in 2023.

This figure not only sets a new record for the GSIS but also represents a significant 44% increase over the previous year’s GPW of P6.8 billion. The surge in GPW boosts GSIS’s standing as the country’s premier non-life insurer, with its net worth climbing to P50.15 billion.

Factors that led to GSIS GWP rise

In a release, the GSIS attributed the increase in GPW to the growing number of government agencies choosing GSIS for insuring their properties.

“In the face of more frequent natural disasters, securing insurance coverage becomes crucial in safeguarding assets and mitigating budgetary strains during calamities,” said GSIS president and general manager Wick Veloso.

GSIS growth strategy

To build on this momentum, Veloso has led the charge in enhancing the visibility and appeal of GSIS’s non-life insurance products. This includes celebrating the achievements of exceptional employees in company gatherings and fostering relationships with municipal leaders across the country to encourage broader uptake of GSIS insurance services.

Furthering its outreach, GSIS has expanded its marketing initiatives, utilising both digital campaigns and direct engagement through insurance caravans, while also providing targeted training and development programs for property officers from a wide array of government departments.

In an innovative push to streamline operations and offer new insurance solutions, GSIS is set to launch a mobile app for easier property registration by government officials, along with a new city parametric insurance product expected to debut in the coming months.

GSIS clients

GSIS’s portfolio of insured clients features a diverse group of government entities and local government units, including the Bureau of Treasury, the Department of Transportation’s Metro Rail Transit 3, and the Manila International Airport Authority, among others. The city governments of Quezon City, Pasig, and Makati stand out as leading clients.

In separate regional news, the Insurance Commission (IC) of the Philippines and the Actuarial Society of the Philippines (ASP) recently announced a project to conduct a first industry-wide morbidity analysis, utilising the claims data gathered from health maintenance organisations (HMOs) and insurance firms.

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!