The insurance premiums written by the Government Service Insurance System hit P2.98 billion in the first quarter, up 12 percent from P2.65 billion a year ago.
The GSIS General Insurance issued 52,644 total policies, with total sum insured amounting to P798.4 billion.
It said that as of end-March, net income reached P3.3 billion, marking a 35-percent increase from P2.4 billion in first quarter of 2023.
The net worth of the GSIS General Insurance Fund (GIF) went up by 7 percent to 54.63 billion as of end-March from P51.26 billion a year earlier.
GSIS president and general manager Jose Arnulfo Veloso said the fund is aggressively campaigning for the protection of all government insurable assets and interests.
“We protect the government’s budget and individual programs against unexpected insurable losses such as fire, earthquakes and typhoons. And more importantly, we are able to pool long-term funds and put them in investments to help grow the overall economy,” he said.
“The sustained momentum of the performance of the GSIS has proven to be a catalyst of the economic development of the Philippines through supporting both the public and the private sectors,” Veloso said.
GSIS senior vice president for insurance Valerie Marquez said the fund would issue parametric insurance for local government units. This type of insurance pays out benefits based on the occurrence of a pre-defined event such as earthquakes of a certain magnitude or typhoon winds breaching a specific speed.
“We believe this type of insurance will help many LGUs as this does not require the traditional process of claims adjustment after a loss event. GSIS will pay out automatically when the triggering condition is met,” Marquez said.