State-run Authorities Service Insurance coverage System reported a record-breaking P6.8-billion gross premiums written in its non-life insurance coverage enterprise in 2022, the very best achieved by the fund in its historical past.
GSIS mentioned the 2022 GPW elevated by 15 p.c from P5.9 billion in 2021. It additionally recorded a 33-percent or P1-billion enhance in internet premium written in the identical yr, from P3 billion in 2021 to P4 billion in 2022. With a internet price of P41 billion in 2022, GSIS is now the largest non-life insurer within the nation.
“I commend the women and men of GSIS who made this achievement attainable. Throughout my oath-taking as head of GSIS in July 2022, one of many marching orders that President [Ferdinand] Marcos [Jr.] gave me was to supply insurance coverage cowl to all authorities properties. And we’ve got been making headways in complying with the president’s directive,” GSIS president and general-manager Wick Veloso mentioned.
Performing on the president’s instruction, Veloso and his normal insurance coverage groups instantly launched into a nationwide aggressive marketing campaign and tripled GSIS’s efforts in advertising its non-life insurance coverage merchandise.
The pension fund chief has been going across the nation to satisfy as many native authorities officers as attainable to persuade them to insure their properties with GSIS.
Veloso rallied his insurance coverage groups and motivated them to exit to market their non-life insurance coverage merchandise. He awarded high performers who generated new insurance coverage companies in the course of the weekly flag-raising ceremony.
GSIS additionally intensified the conduct of on-line and face-to-face insurance coverage advertising caravans nationwide, with practically 2,500 property officers in attendance. That is coupled by the common coaching and capacity-building workshops of property officers from different authorities businesses to make sure that all authorities property are adequately and comprehensively lined.
GSIS generated the majority of massive ticket accounts (with premium of above 5 million) within the second half of 2022. These included Philippine Statistics Authority, Philippine Reclamation Authority/CAVITEX Infrastructure Corp., Hann Philippines Inc., Japanese Visayas Regional Medical Middle-Tacloban, Vicente Sotto Memorial Medical Middle-Cebu, Quirino Memorial Medical Middle, Philippine Atmospheric Geophysical and Astronomical Companies, Philippine Coast Guard Marine Hull Fleet, PPA -International Port and extra property of the Quezon Metropolis authorities.
Beneath RA 656 (Property Insurance coverage Legislation), GSIS is remitted to insure all properties, property and pursuits of the federal government in opposition to any insurable danger. GSIS affords insurance coverage protection equivalent to fireplace, engineering, marine hull, marine cargo, aviation, bonds, motor automotive, private accident, contractor’s all dangers, and complete normal legal responsibility insurance coverage.
