GSIS records P6.8-B non-life insurance premiums in 2022

The Government Service Insurance System (GSIS) has recorded a P6.8 billion gross premiums written (GPW) in its non-life insurance business for 2022.

According to the GSIS on Monday, this was the highest recorded by the agency. It was 15% higher from the P5.9 billion in 2021.

“I commend the men and women of GSIS who made this achievement possible.  During my oathtaking as head of GSIS in July 2022, one of the marching orders  that President (Ferdinand) Marcos (Jr.) 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 and general manager Wick Veloso said in a press release.

The GSIS also recorded a 33% or P1 billion increase in its net premium written in 2022 or P4 billion from the P3 billion in 2021.

It noted that GSIS is the "biggest non-life insurer" in the country given its net worth of P41 billion.

Veloso, as well as the concerned teams, had launched a nationwide aggressive campaign and "tripled GSIS’s efforts in marketing its non-life insurance products."

He has also been meeting with local government officials to convince them to insure their properties with GSIS.

The GSIS is mandated to insure all properties, assets, and interests of the government against any insurable risk.

It offers insurance coverage such as fire, engineering, marine hull, marine cargo, aviation, bonds, motor car, personal accident, contractor’s all risks, and comprehensive general liability insurance.—Anna Felicia Bajo/AOL, GMA Integrated News