Metro Manila, Philippines – The Government Service Insurance System (GSIS) has earmarked an initial P69.1 million in loss reserves for claims arising from the magnitude 7.8 earthquake that struck parts of Mindanao earlier this month, while urging government agencies and local government units to review their insurance coverage to ensure public assets are protected against future disasters.
The state insurer said the move supports President Ferdinand Marcos Jr.’s directive for a whole-of-government response to the earthquake and aims to help affected government offices recover quickly and restore public services.
Initial reports submitted to GSIS involved 4,403 insurance policies covering government properties with a total insured value of P23.59 billion. General Santos City accounted for the largest concentration of reported insured properties affected by the earthquake.
GSIS President and General Manager Wick Veloso said the agency stands ready to assist affected government offices as damage assessments continue.
“The earthquake highlights the critical role of insurance in protecting government assets and ensuring the continuity of public services. We encourage agencies to regularly review their coverage and asset valuations so they can recover more quickly when disasters occur,” Veloso said.
The P69.1 million reserve represents an initial allocation for reported losses and may be adjusted as additional claims are filed and field assessments are completed.
To assist policyholders, the GSIS General Santos Branch has conducted on-site inspections at Mindanao State University-General Santos, the General Santos City government and the municipality of Alabel to assess damage to insured properties and facilitate the submission of claims.
“These site inspections allow us to better understand the extent of the damage and help affected agencies navigate the claims process. Our goal is to ensure that valid claims are processed as efficiently as possible so that government services can be restored without delay,” Veloso said.
GSIS said it is coordinating with affected agencies and local governments in earthquake-hit areas to validate damage reports and assist in the processing of claims.
Veloso noted that disasters often expose gaps in insurance coverage, particularly when government properties are insured at outdated values that no longer reflect their actual replacement cost.
“Insurance should not be treated as a compliance requirement alone. It is a risk management tool that enables agencies to restore damaged facilities and resume services without placing additional strain on public funds,” he said.
As the government’s insurer, GSIS provides protection for public assets against earthquakes, typhoons, floods, fires and other hazards.
With natural disasters becoming more frequent and severe, GSIS renewed its call for government institutions to regularly assess their insurance requirements and ensure public properties remain adequately insured.
“Preparedness does not end with disaster response. Adequate insurance coverage is an essential component of resilience because it enables government institutions to recover more quickly and continue serving the public when they are needed most,” Veloso said.
This is a news release from GSIS.
