A DIRECTIVE of President Ferdinand Marcos Jr. has made the state pension fund the biggest non-life insurer in the country.
Marcos earlier called on the Government Service Insurance System (GSIS) to be aggressive on its mandates including the provision of insurance coverage to all state properties.
After following this order, GSIS reported a record-breaking P6.8 billion gross premiums written (GPW) in its non-life insurance business for 2022, the highest ever recorded by GSIS in its history.
GSIS’s 2022 GPW is up by 15% from last year’s P5.9 billion. It also recorded a 33% or P1 billion increase in its net premium written on the same year, from P3 billion in 2021 to P4 billion in 2022.
With a net worth of P41 billion in 2022, GSIS is now the biggest non-life insurer in the country.
GSIS President and General Manager Wick Veloso commended the men and women of GSIS who made the achievement possible.
During Veloso’s oath taking as head of GSIS in July 2022, one of the marching orders that President Marcos gave him was to provide insurance cover to all government properties. GSIS then made headways in complying with the president’s directive.
Acting on the president’s instruction, Veloso and his general insurance teams immediately embarked on a nationwide aggressive campaign and tripled GSIS’s efforts in marketing its non-life insurance products.
In particular, the pension fund chief has been going around the country to meet as many local government officials as possible to convince them to insure their properties with GSIS.
At the same time, Veloso rallied his insurance teams and motivated them to go out to market their non-life insurance products.
He also awarded top performers who generated new insurance businesses during the weekly flag-raising ceremony.
Further, GSIS intensified the conduct of online and face-to-face insurance marketing caravans nationwide, with nearly 2,500 property officers in attendance. This is coupled by the regular training and capacity-building workshops of property officers from other government agencies to ensure that all government assets are adequately and comprehensively covered.
As a result of these initiatives, GSIS generated the bulk of big ticket accounts (with premium of above five million) in the second half of 2022. These included 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, PPA – Global Port, and additional assets of the Quezon City government.
Under RA 656 (Property Insurance Law), GSIS is mandated to insure all properties, assets, and interests of the government against any insurable risk.
GSIS 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.
For comments, please call or text 09569012811 or email email@example.com