GSIS posts record P10.5B non-life insurance premiums collection in 2024

State-run pension fund Government Service Insurance System (GSIS) has posted a new record-high collection of non-life insurance premiums in 2024, even surpassing its target.

In a news release on Saturday, GSIS said it collected P10.5 billion in non-life insurance premiums last year, overshooting its P8.9-billion target for the period.

This marked the third straight year that the state workers’ pension fund has outperformed its goal.

In 2023, GSIS collected P9.7-billion in non-life insurance premiums against a target of P6 billion.

The pension fund also overshot its goal of P6 billion in 2022 when it collected P6.884 billion in non-life insurance premiums.

“These achievements reflect the growing trust of government agencies in GSIS as a reliable partner in risk management,” said GSIS President and General Manager Wick Veloso.

“Our insurance programs are not just financial safeguards — they are strategic tools that enable agencies to recover faster from calamities and continue public service with minimal disruption,” said Veloso.

To further enhance its capabilities, GSIS said it is collaborating with the Japan International Cooperation Agency (JICA) through a Technical Cooperation Project (TCP).

The initiative focuses on improving GSIS's risk assessment models, refining its underwriting process, and promoting the importance of insuring public properties, according to the pension fund. — BAP, GMA Integrated News