GSIS Hits Record High with P10.5B Non-Life Insurance Premiums in 2024

The Government Service Insurance System (GSIS) has set a new record, collecting P10.5 billion in non-life insurance premiums in 2024—exceeding its target of P8.9 billion, according to a news release on Saturday.

This achievement marks the third consecutive year the state-run pension fund outperformed its goals. In 2023, GSIS collected P9.7 billion against a P6-billion target, while in 2022, it recorded P6.884 billion versus the P6-billion goal.

“These accomplishments reflect the growing trust of government agencies in GSIS as a dependable partner in risk management,” said GSIS President and General Manager Wick Veloso.

Veloso emphasized that the insurance programs provided by GSIS are more than financial protections—they serve as strategic tools to help government agencies recover swiftly from disasters and maintain public service operations with minimal disruption.

To further boost its capabilities, GSIS has partnered with the Japan International Cooperation Agency (JICA) through a Technical Cooperation Project (TCP). The collaboration aims to enhance GSIS’s risk assessment models, improve its underwriting process, and promote the importance of insuring government properties.