The Government Service Insurance System (GSIS) is working with the Japan International Cooperation Agency (JICA) to improve the protection of public properties and assets against disasters.
Under the three-year partnership, JICA will support the efforts of the GSIS in improving the protection of government insurable interests all around the nation.
On the instruction of President Ferdinand Marcos Jr, the GSIS is working with the Department of Finance in building up capacity in all the aspects of public insurance including underwriting, loss control and management, insurance procurement, and developing strategies and promotional materials to raise awareness and promote public insurance. GSIS is mandated to cover all assets and properties that have government insurable interests under the Property Insurance Law. It provides insurance coverage such as fire, engineering, marine hull and cargo, aviation, bonds, motor car, and personal insurance.
“We are grateful to the Government of Japan and to JICA for this technical cooperation project. There is a real and compelling need to re-examine outdated practices, old insurance models, and archaic underwriting systems,” GSIS president and general manager Mr. Wick Veloso said. Among various initiatives, GSIS will launch a property inventory mobile application to make it easy and more convenient for government property officers to register their agency’s properties online.
JICA chief representative Sakamoto Takema said, “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.”
Source: asiainsurancereview.com