Philippine social insurer GSIS logs record-high premiums for non-life insurance arm

This makes GSIS the largest non-life insurer in the Philippines.

Social insurance institution GSIS has reported a record high $174.9m (PHP9.8b) gross premiums written (GPW) for its non life insurance business in 2023.

This marks a remarkable 44% increase in GPW compared to 2022’s $121.38m (PHP6.8b).

With a net worth of over $895.17b (PHP50.15b), GSIS is now the largest non-life insurer in the Philippines, it said in a statement on its website. 

GSIS president and general manager Wick Veloso said that the increase weas thanks to more government agencies insuring their properties with the social insurer.

“With more government agencies insuring their properties with the GSIS, we are helping the country strengthen our national resilience. In the face of more frequent natural disasters, securing insurance coverage becomes crucial in safeguarding assets and mitigating budgetary strains during calamities,” Veloso said.

To push this growth in premiums, Veloso said that GSIS held more online and face-to-face insurance marketing caravans nationwide. 

The GSIS will also soon launch a property inventory mobile application to simplify property registration for government officers, and introduce a city parametric insurance product in the first half of 2024.

Amongst notable GSIS clients include the Bureau of Treasury, Power Sector Assets and Liabilities Management Corporation, Department of Transportation-Metro Rail Transit 3, Department of Education, Division of City Schools-CGO Quezon, Bureau of Quarantine, Manila International Airport Authority, and Phil Ports Authority. 

The city governments of Quezon City, Pasig and Makati are also top clients of GSIS among local government units.

(US$1 = PHP56.02)