THE state-run Government Service Insurance System (GSIS) tapped the Japan International Cooperation Agency (Jica) to improve its general insurance policies to ensure better protection of public properties and assets against disasters.
The GSIS said it signed recently a technical cooperation project with the Jica for building-up the government owned and controlled corporation’s capacity to undertake public insurance.
Under the 3-year partnership, the JICA will support its efforts in “improving the protection of government insurable interests all around the nation.”
GSIS General Manager Jose Arnulfo A. Veloso expressed gratitude to the Government of Japan and to the Jica for the technical cooperation project.
“There is a real and compelling need to re-examine outdated practices, old insurance models, and archaic underwriting systems,” Veloso was quoted in a statement as saying.
The Marcos administration has ordered the GSIS to ramp-up capacity in all aspects of public insurance including underwriting, loss control and management, and insurance procurement. Furthermore, the GSIS was tasked to develop strategies and promotional materials to raise awareness and promote public insurance.
“This cooperation with the GSIS will be of great help to the Philippines in improving public insurance against disasters and protecting development gains from disaster risks in line with the Sendai Framework, which outlines the measures to prevent new damages, reduce disaster risks, and ensure fast recovery,” JICA Chief Representative Sakamoto Takema said.
Republic Act 656 (Property Insurance Law) mandates the GSIS to cover all assets and properties that have government insurable interests. It provides insurance coverage such as fire, engineering, marine hull and cargo, aviation, bonds, motor car, and personal insurance.
Sakamoto said enhancing the GSIS’s ability to “provide risk-based insurance premium is critical and must be prioritized” as natural disasters are becoming more frequent and more severe due to climate change.
Veloso said the GSIS would soon launch a mobile application that would allow government property officers to register with the state pension fund manager their agency’s respective properties online.
Image credits: Government Service Insurance System