THE insurance premiums written by the Government Service Insurance System for the first quarter hit P2.98 billion, the GSIS said through a statement issued last Thursday.
As of end-March, net income is at P3.3 billion, marking a 35-percent increase from P2.4 billion in first quarter of 2023. GSIS President and General Manager Jose Arnulfo A. Veloso was quoted in the statement as saying that his agency is “aggressively campaigning for the protection of all government insurable assets and interests.”
GSIS Senior Vice President for Insurance Valerie K. Marquez said the state insurer will soon be issuing a “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, Marquez explained.
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