GSIS posts 15% increase in gross nonlife insurance premiums in 2022
GOVERNMENT Service Insurance System (GSIS) saw a 15% increase in gross premiums written in its nonlife insurance business last year, it said in a statement on Sunday.
Its gross nonlife premiums written were at P6.8 billion in 2022, which GSIS said was a record. This was up from P5.9 billion in 2021.
The state-run pension fund also recorded a 33% increase in its net premiums written to P4 billion.
“With a net worth of P41 billion in 2022, GSIS is now the biggest nonlife insurer in the country,” it said.
“I commend the men and women of GSIS who made this achievement possible. During my oath taking as head of GSIS in July 2022, one of the marching orders that President Marcos gave me was to provide insurance cover to all government properties. And we have been making headways in complying with the president’s directive,” GSIS President Jose Arnulfo “Wick” A. Veloso was quoted as saying in the statement.
GSIS is the pension fund for government employees.
Under Republic Act 656 or the Property Insurance Law, GSIS is mandated to insure all properties, assets, and interests of the government.
It offers coverage for fire, engineering, marine hull, marine cargo, aviation, bonds, motor car, personal accident, contractors’ all risks, as well as comprehensive general liability insurance.
GSIS’ general insurance teams embarked on a nationwide campaign to market its nonlife insurance products to local governments, holding caravans and capacity-building initiatives for its property officers, the pension fund said.
As a result, GSIS generated the bulk of big-ticket accounts in the second half of 2022, worth of premiums above P5 million.
These included the Philippine Statistics Authority; Philippine Reclamation Authority/CAVITEX Infrastructure Corp.; Hann Philippines, Inc.; Eastern Visayas Regional Medical Center-Tacloban; Vicente Sotto Memorial Medical Center-Cebu; Quirino Memorial Medical Center; Philippine Atmospheric Geophysical and Astronomical Services; Philippine Coast Guard Marine Hull Fleet, Philippine Ports Authority-Globalport Terminals, Inc.; and additional assets of the Quezon City government. — A.M.C. Sy
