GSIS making headways on providing non-life insurance: Veloso

GSIS generated the bulk of big ticket accounts, with a premium of above 5 million, in the second half of 2022. (File photo by SwarmCheng – Own work, CC BY-SA 4.0)

MANILA – Government Service Insurance System (GSIS) President and General Manager Wick Veloso on Monday announced a record-breaking PHP6.8 billion gross premiums written (GPW) in its non-life insurance business for 2022.

Veloso commended the men and women of GSIS who contributed to the pension fund’s success.

“During my oath taking 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,” Veloso said. “And we have been making headways in complying with the president’s directive.”

Together with his general insurance teams, the GSIS chief immediately conducted a nationwide aggressive campaign and tripled GSIS’s efforts in marketing its non-life insurance products by going around the country to meet local government officials and convince them to insure their properties under GSIS.

Veloso believes that motivation also became a factor for insurance teams to bring out to the market their non-life insurance products.

Regular training and capacity-building workshops of property officers from other government agencies were also conducted by GSIS to ensure that all government assets are adequately and comprehensively covered.

This was coupled with intensification in the conduct of online and face-to-face insurance marketing caravans nationwide with nearly 2,500 property officers in attendance.

GSIS generated the bulk of big ticket accounts, with a premium of above 5 million, in the second half of 2022.

The GWP in 2022 was the highest in GSIS history, surpassing by 15 percent the PHP5.9 billion recorded in 2021.

It also recorded a 33 percent or PHP1 billion increase in its net premium written in the same year, from PHP3 billion in 2021 to P4 billion in 2022.

With a net worth of PHP41 billion in 2022, GSIS is now the biggest non-life insurer in the country.