GSIS sets aside ₱69.1M for earthquake damage claims, urges agencies to update insurance coverage
GSIS earmarks ₱69.1M for Mindanao earthquake damage claims covering 4,403 policies worth ₱23.59B, and urges agencies to update government property insurance coverage.
NEWS
6/24/20262 min read
The Government Service Insurance System has earmarked an initial ₱69.1 million in loss reserves for government properties damaged by the magnitude 7.8 earthquake that struck parts of Mindanao, while calling on agencies to review and update their insurance coverage to better protect public assets against future disasters.
The move supports President Ferdinand Marcos Jr.'s directive for a whole-of-government response to the quake and is aimed at helping agencies and local government units recover quickly and restore public services.
Initial reports submitted to GSIS covered 4,403 insurance policies with a total sum insured of ₱23.59 billion. General Santos City accounted for the largest concentration of affected insured properties.
GSIS President and General Manager Wick Veloso said the state insurer is ready to assist affected agencies as damage assessments continue.
"The earthquake highlights the critical role of insurance in protecting government assets and ensuring the continuity of public services," Veloso said. "We encourage agencies to regularly review their coverage and asset valuations so they can recover more quickly when disasters occur."
To support affected policyholders, the GSIS General Santos Branch conducted on-site inspections at Mindanao State University–General Santos, the General Santos City Government, and the Municipality of Alabel to assess damage and help agencies file claims requirements on time.
"These site inspections allow us to better understand the extent of the damage and help affected agencies navigate the claims process," Veloso said. "Our goal is to ensure that valid claims are processed as efficiently as possible so that government services can be restored without delay."
GSIS is coordinating with agencies in General Santos City and other affected areas to validate damage reports and process claims. The ₱69.1 million reserve may be adjusted as additional reports come in and field assessments are completed.
Veloso said disasters frequently expose gaps in coverage, particularly when insured values have not been updated to reflect current property replacement costs.
"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 covers public assets against earthquakes, typhoons, floods, fires, and other perils. With natural disasters growing more frequent and severe, the agency is urging government institutions to regularly assess their insurance needs before the next calamity strikes.
"Preparedness does not end with disaster response," Veloso said. "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."