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Promoting Disaster Resiliency Through Property Insurance*

NO. 2013-01

CPBRDNotesCongressional Policy and Budget Research Department

May 2019 No. 2019-01

* This paper was prepared by Marielle R. Belleza. The study benefitted from discussions with Director Dina de Jesus Pasagui; Deputy Executive Director Atty. Roentgen F. Bronce, and Director General Romulo E.M. Miral, Jr. Ph.D. The views, opinions, and interpretations in this report do not necessarily reflect the perspectives of the House of Representatives as an institution or its individual Members.

Background

Disasters lead to significant losses and damages to properties. The government as an institution is certainly not immune to losses and damages in public infrastructures such as government centers, school buildings and facilities, roads, bridges, ports and airports. In November 2013, the National Economic and Development Authority (NEDA) made an initial estimate of P57.1 billion worth of damages in the government sector due to Typhoon Yolanda.1 Just recently, Super Typhoon Ompong left a total damage to public infrastructure amounting to P3.7 billion2 in the provinces of Cagayan, Pangasinan, and Zamboanga.

In the 2018 World Risk Report, the United Nations Institute for Environment and Human Security placed the Philippines among the top three countries with very high disaster risk index3 at 25.14%. The two nations that scored higher are Vanuatu (50.28%) and Tonga (29.42%). Other Asian countries with high disaster risk indices include Brunei Darussalam (18.82%), Cambodia (16.07%), Timor-Leste (16.05%), Japan (11.08%)

and Indonesia (10.36%). The Philippines is both exposed to natural and man-made disasters. Due to its geographical location, it is highly exposed to natural disasters such as tropical cyclones, storms, earthquakes, and volcanic eruptions. Meanwhile, man-made disasters may include transport accidents, industrial accidents and terrorism.

One of the valuable components of disaster risk financing strategy to improve resiliency in times of catastrophe is to provide insurance cover for government properties. According to Insurance Commissioner Atty. Dennis B. Funa, the government’s insurance program is “the last line of defense” against severe natural disasters.4 During the period 2013-2017, the Government Service Insurance System (GSIS) paid a total of P3.7 billion as compensation for losses and damages to government properties from earthquake and typhoons alone. It was noted that Typhoon Yolanda had the highest loss of government assets indemnified at P1.3 billion (see Table 1) but as stated earlier, damage in the government sector could have exceeded P57.1 billion due to that catastrophic event.

1 Remo, M.V. (2013). ‘Yolanda’ losses placed at P571B. Available at: https://newsinfo.inquirer.net/548515/yolandalosses-placed-at-p571b. (Accessed: 14 February 2019). 2 De Vera, B.O., Ocampo K.R. and Yee, J. (2018) ‘Ompong’ infra damage balloons to P2.7B. Available at: https://newsinfo.inquirer.net/1034988/ompong-infra-damage-balloons-to-p2-7b (Accessed: 22 October 2018).3 The World Risk Index is a tool used for assessment and estimation of the disaster risk of a country. It takes into account both external and internal factors such as threats by natural hazards and societal conditions.4 Funa, D. B. (2018). The Philippines’s Disaster Risk Financing and Insurance Strategy. Available at: https://businessmirror.com.ph/the-philippiness-disaster-risk-financing-and-insurance-strategy/(Accessed: 20 October 2018).

Promoting Disaster resilency through ProPerty insurance

TaBle 1compensaTion for damaged governmenT properTies, 2013-2017

(in million pesos)

Source: Government Service Insurance System (GSIS)

1

Catastrophic Event Compensation Typhoon 2013 2014 2015 2016 2017

Ferdie 0.95 Glenda 267.82 Lando 631.06 Lawin 35.04 Nina 379.02 Nona 20.13 Ruby 13.02 Santi 585.16 Seniang 0.22 Vinta 83.52 Yolanda 1,338.90

Earthquake 359.18 Total 2,283.24 281.06 651.19 415.01 83.52

legal Bases for governmenT properTy insurance

Republic Act No. 656 (RA 656) otherwise known as the “Property Insurance Law” was enacted on 16 June 1951 in support of government property insurance in the Philippines. It was created for the purpose of indemnifying or compensating the government for any damage to or loss of its properties due to fire, earthquake, storm, or other casualty. The law also established the Property Insurance Fund whose records and accounts shall be kept separate and distinct from other funds administered by GSIS.

Under RA 656, national, provincial, city, or municipal governments (except municipalities below 1st class) as well as government-owned-and-controlled corporations (GOCCs) are required to insure their assets and properties with the Fund against any insurable risks. The government agency concerned shall include in its annual appropriations the amount needed to pay for the insurance premiums of its properties. Government agencies are also required to advise GSIS regarding the inventory of their respective assets and properties with its corresponding values. Meanwhile, the GSIS is mandated to submit to the President an annual report on Fund operations.

According to GSIS, property insurance is currently classified into different categories (e.g. Fire, Engineering Works, Floater, Marine Cargo, Marine Hull, Motor Vehicle, Movable Comprehensive Insurance, Fine Arts and Aviation). The more common Fire Insurance covers office and school buildings, hospitals, public markets, farms including poultry and piggery sheds, warehouses, power plants, ports, airports, public cemetery, barangay halls, sports facilities, stadium and the like.

“Property floaters” on the other hand refer to movable properties such as heavy equipment, road rollers, dump trucks, garbage compactors (Type A); construction and drilling equipment, pumps, electronic toll booth equipment, generator sets (Type B); cart-wheel X-ray machines, medicine palletizing equipment (Type C); cell phones, communication equipment, firearms, computers, laptops (Type D); heavy vehicles regularly utilizing public roads such as garbage dump truck, smoke belching/environment testing vehicles (Type E). For more examples of insurable properties, please refer to Annex A.

Presidential Decree No. 245 amended RA 656 on 13 July 1973 to authorize GSIS to reinsure and accept reinsurance from local and foreign companies.5

5 The Property Insurance Fund was renamed as the General Insurance Fund.

Congressional PoliCy and Budget researCh dePartment

6 Republic Act. No. 10607. (2013). “Section 97. An Act Strengthening the Insurance Industry, Further Amending Presidential Decree No. 612, Otherwise Known as the Insurance Doe, as Amended by Presidential Decree No.s 1141, 1280, 1455, 1460, 1814 and 1981, and Batas Pambansa Blg. 874, and For Other Purposes”.

According to the Insurance Code, a contract of reinsurance exists when an insurer procures a 3rd person to insure him against loss or liability founded on reason of the original insurance.6 However, there had been cases where insurable assets and properties remained uninsured due to the limited capacity of private domestic non-life insurance companies to accept the reinsurance of large risks from the GSIS, and limited capacity of local non-life insurance companies to absorb the reinsurance to be ceded by the GSIS.

Administrative Order (AO) No. 33 was issued on 25 August 1987 for the following reasons: (a) non-insurance of government properties, (b) insurance with private companies contrary to RA 656, and (c) under-insurance or inadequate insurance cover. Due to non-insurance and under-insurance, government agencies were deprived of adequate and reliable protection against loss and damage to properties while the General Insurance Fund was bereft of substantial premium income that should have formed part of the Fund. It was noted that AO No. 33 was silent about penal sanctions or disciplinary actions in case of non-compliance.

On the other hand, Administrative Order No. 141 dated 12 August 1994 was issued to provide guidance for privatized GOCCs and Build-Operate-Transfer (BOT) projects. It ordered all Heads, Presidents, General Managers and other key officials of privatized corporations as well as proponents and implementers of government BOT projects to insure with or secure insurance or bonds from GSIS. No insurable interest of government shall be obtained from any entity, enterprise or any juridical person other than GSIS. Again, punitive measures were not indicated in AO 141.

The Department of Interior and Local Government (DILG) Memorandum Circular No. 2016-63 dated 11 May 2016 was issued by the DILG to remind

all local government units (LGUs) to insure their properties with the GSIS in compliance with the Property Insurance Law. As in previous Executive issuances, there were no disciplinary sanctions for non-compliance which could compel strict adherence to existing policies on property insurance.

Administrative Order No. 4 was issued on 7 August 2017 following a Commission on Audit (COA) report about agencies whose properties, assets, facilities, and other insurable interests were not insured, or were substantially under-insured. An Inter-Agency Committee on Government Property Insurance (IAC-GPI) was created to formulate the necessary policies, rules and regulations to ensure that key properties, assets and other insurable interest of the Government are insured comprehensively and adequately. The IAC-GPI is comprised of the Department of Finance, Office of the Executive Secretary, Department of Budget and Management, Insurance Commission and the GSIS. The Bureau of Treasury was also appointed to provide the necessary technical and administrative support services to the IAC-GPI.

Specifically, the IAC-GPI is tasked to (a) develop monitoring and reporting mechanisms; (b) assess the management and utilization of the General Insurance Fund, (c) review and evaluate government properties, and other insurable interests which are actively insured; (d) define and determine high-risk government properties and assets, and other public facilities which should be insured annually; and (e) propose appropriate legislative measures or Executive issuances. An Interim Report had already been prepared but the Terminal Report has yet to be submitted to the President as required under AO No. 4.

Commission on Audit (COA) Circular No. 2018-002 dated 31 May 2018 was similarly issued by COA to prescribe among others the submission of a Property Inventory Form. Noticeably, Section 5.5 states that “failure on the part of the agency officials concerned


TaBle 2sTaTus of properTy insurance

as of ocToBer 2018

and the GSIS to submit and receive, documents and reports..as well failure of the GSIS underwriting officials to assess the premium due within the timeframe, shall automatically cause for suspension of the payment of their salaries until compliance with the requirements of RA 656 and its Implementing Rules and Regulations, as well as the provisions of the Circular.”

sTaTus of properTy insurance coverage

As of October 2018, only 89% (1,987 out of 2,224 government agencies) are insured with the GSIS. Note that only GOCCs and provinces have 100% insurance coverage. Meanwhile, property protection is lowest among second to sixth class municipalities (82.12%). According to GSIS, the lone city which is

Source: GSIS Insurance Group

1

Government Offices

Total Insured Uninsured % Insured

National Govt Agencies 296 281 15 94.93 GOCCs 102 102 - 100.00 State Colleges and Universities 112 109 3 97.32 Sub-total 510 492 18 96.47 Local Government Units

Provinces 81 81 - 100.00 Cities 144 143 1 99.31 1st Class Municipalities 331 320 11 96.68 2nd to 6th Class Municipalities 1158 951 207 82.12

Sub-total 1,714 1,495 219 87.22 Total 2,224 1,987 237 89.34

applicaTion and insurance claims process

GSIS offers standard “fire insurance” which also covers damages caused by lightning. Concerned government agency may opt to add a “catastrophe risk insurance” which shall cover risks against earthquake, typhoon and flood. The application and insurance claims process basically involves the following procedures:7

7 Based on GSIS Marketing Department.

not covered with insurance is Marawi. Unfortunately, it was devastated by terrorists on May 23, 2017. It was also learned that the number of local government units with GSIS property insurance as of 2018 went down from 1,542 in 2017 to 1,495 in 2018—or a decrease of forty-seven (47) LGUs. (see Table 2).


8 GSIS 2016 Annual Report9 GSIS 2017 Annual Report

TaBle 3 governmenT offices wiTh The highesT payouTs

Source: GSIS 2016 and 2017 Annual Report

1

Year Government Office Amount (In Million Pesos)

2016

Philippines Port Authority (PPA)

110.08

Philippine Export-Import Credit Agency

(PHILEXIM)

88.42

Leyte Provincial Government

69.35

Tanuan LGU, Leyte

23.14

2017

National Grid Corporation Of The Philippines

395.01

National Maritime Polytechnic, Tacloban City

40.48

National Food Authority, Leyte

17.37

In 2016, the Insurance agency disbursed a total of P679.55 million to indemnify government agencies for losses caused by natural catastrophes ( Table 3). Government agencies which received the biggest pay-outs during the year were as follows: (a) Philippine Ports Authority for repair of its earthquake-damaged facilities at P110.1 million, (b) Philippine Export-Import Credit Agency for typhoon Glenda’s damages on buildings, machineries and equipment in Sariaya,

Quezon at P88.4 million and, (c) Leyte provincial government and the municipality of Tanauan due to Typhoon Yolanda at P23.1 million.8

Meanwhile, those that received large amounts of GSIS pay-outs in 2017 were the National Grid Corporation of the Philippines (P395 million), National Maritime Polytechnic, Tacloban City (P40.5 million) and National Food Authority, Leyte (P17.4 million).9


In a discussion paper titled “Review of Philippine Government Disaster Financing for Recovery and Reconstruction”, Philippine Institute of Development Studies (PIDS) consultant Deanna T. Villacin raised three (3) issues regarding GSIS insurance: non-coverage of insurance, under-insurance and lengthy claims processing. Her findings are further validated by the Inter-Agency Committee on Government Property Insurance (IAC-GPI).

Non-Coverage. Villacin defines non-coverage as failure of governments to insure with the GSIS critical public infrastructures such as schools, roads, bridges. For instance, not all properties under the Department of Information and Communication Technology (DICT) are covered with insurance. As indicated in Table 2 earlier, only 87.2% of LGUs are insured as of October 2018 while NGAs and State Colleges and Universities (SUCs) have 94.9% and 97.3% coverage, respectively.

In its Interim Report, the IAC-GPI also revealed that strategically-important assets are not covered by insurance. Such assets include the following: (a) national government’s roads and bridges under the Department of Public Works and Highways (DPWH) estimated to be worth P1.5 trillion, (b) transportation systems under the Department of Transportation and Civil Aviation and Authority of the Philippines, and (c) Department of Education (DepEd) school buildings. Schools owned and operated by local government are however insured. Under-insurance. Another key issue raised by Villacin was under-insurance of government properties wherein the sum insured is less than the value covered, or insurance coverage of the property or asset is inadequate. However, there is no currently available data on the extent of under-insurance.

In 2016, the GSIS together with the Japan International Cooperation Agency (JICA) launched the data collection survey in order to strengthen risk

issues and challenges wiTh The currenT legal framework

information gathering and boost Philippine disaster resiliency. Through these efforts, disaster risks will be appropriately-priced, which in turn could generate savings in insurance premiums as uncertainty of the price is minimized.

The IAC GPI likewise disclosed that the assets of Department of Health (DOH), Department of Social Welfare and Development (DSWD), and National Irrigation Authority (NIA) are either under-insured or are not covered by insurance at all.

According to Villacin, the following improvements are being taken specifically: (a) conduct of general inventory of government assets; b) educational caravans to help information dissemination on GSIS Insurance Program; (c) DILG monitoring of LGUs’ compliance with RA 656 including the preference of first-class municipalities of securing insurance with private companies instead of the GSIS; and (d) review of comparative premium rates of GSIS relative to private sector as well as turnaround times, particularly in handling claims.

The use of replacement cost instead of depreciated values when procuring insurance of government properties and assets is also being considered. However, the downside of higher insurance value (based on replacement cost) is the requirement for higher premium payment which LGUs and even NGAs and GOCCs may not be able to afford.

Lengthy Claims Processing. One of the factors that hinder governments to insure with GSIS is the length of time and tediousness of the claims process. According to Villacin, anecdotal evidence shows that due to the monopoly being enjoyed by GSIS in insuring government properties and assets, they do not have enough incentive to fast-track pay-out of claims to insured government agencies.

In July 2017, the DOF, GSIS, World Bank, and the United Kingdom Department for International Development pilot-tested the parametric risk insurance program to cover properties of twenty-five (25) provinces which are considered most prone


10 Jointly launched by DOF, GSIS, World Bank and the UK Department for International Development 11 ACT 55/1992. (2018). “The Natural Catastrophe Insurance of Iceland after changes to NTI‘s legislation”.

to catastrophe. Premium payments were financed through the National Disaster Risk Reduction and Management (NDRRM) Fund. This type of insurance makes payment upon the occurrence of a trigger event after satisfying pre-agreed characteristics such as typhoon intensity or earthquake magnitude. And since claims are based on parametric triggers and not on actual losses which take more time to evaluate, payments can materialize within weeks unlike the traditional insurance which involves several months for claims processing.

way forward

The 2017-2022 Philippine Development Plan (PDP) identifies LGU Property Insurance as one of its priority legislations, in order to support a sound, stable and supportive macroeconomic environment. Specifically, RA 656 will have to be amended to make it mandatory for all LGUs including 2nd to 6th class municipalities to insure their properties.

At the House of Representatives, House Bill No. 4732 was filed by Rep. Joey Sarte Salceda in the 17th Congress which seeks to repeal the Property Insurance Law of 1951. Among others, HB No. 4732 requires 2nd to 6th class municipalities to have their properties and assets insured with the GSIS. At present, only national government agencies, GOCCs and first-class municipalities are covered by RA 656.

HB 4732 also expands the definition of “property” to include furniture, fixtures, equipment, improvements, and buildings which are being rented by government. It reiterates the need for inclusion of the amount of insurance premiums in the annual appropriations law.

One potential source of payment for insurance premiums is the Local Disaster Risk Reduction and Management Fund (LDRRMF) created under Republic Act No. 10121, also known as the Philippine Disaster Risk Reduction Management Act. Section 21 thereof provides that “not less than five percent (5%) of the estimated revenue from regular sources shall be set aside as the LDRRMF to support disaster risk management activities such as, but not limited to, pre-

disaster preparedness programs including training, purchasing life-saving rescue equipment, supplies and medicines, for post-disaster activities, and for the payment of premiums on calamity insurance.”

The Salceda bill also provides penal provisions such as: (a) fine of less than five thousand pesos (P5,000.00) nor more than twenty thousand pesos (P20,000.00) or imprisonment of not less than six (6) years and one (1) day to twelve (12) years, or both for failure or refusal to comply with the provisions of this Act or with the rules and regulations adopted by the GSIS; (b) Administrative liability or suspension from the service without pay from six (6) months to one (1) year for failure, refusal, or delay of payment, turnover, settlement or delivery of accounts due the GSIS within sixty (60) days from the time that the same shall have been due and demandable by government officials and employees involved in the payment of premiums; and (c) absolute perpetual disqualification from holding public office and from practicing any profession or calling licensed by government for failure to settle the premiums payable or deliverable to the GSIS within sixty (60) days from the date they should have been paid by any employee, among others.

On the implementation side, initiatives such as the multi-lateral parametric risk insurance program10 that would expedite the claims process, the use of replacement cost instead of depreciated values, and education caravans on the Insurance Program of GSIS should also be pursued.

Finally, it is high-time to make property insurance mandatory for the private sector much like compulsory insurance upon registration of vehicle. In Iceland, insurance for natural disasters for all real estates and any movables covered by general policies which include fire insurance are mandatory through its Natural Catastrophe Insurance of Iceland.11 In Romania and Turkey, compulsory home insurance has


references

Act 55/1992 (1993). “The Natural Catastrophe Insurance of Iceland after changes to NTI’s legislation in July 2018”.

Administrative Order No. 4 (2017). “Creating An Inter-Agency Committee to Formulate the Necessary Policies, Rules and Regulations for the Purpose of Ensuring that the Key Properties, Assets and Other Insurable Interests of the Government Are Comprehensively and Adequately Insured.”

Administrative Order No. 33 (1987). “Prescribing Guidelines for the Insurance of all Properties, Contracts, Rights of Action and other Insurance Risks of the Government, including those in which the Government, including those in which the Government has an Insurable Interest, with the General Insurance Fund of the Government Service Insurance System.”

Administrative Order No. 141 (1994). “Prescribing Guidelines for the Insurance of All Properties, Contracts, Rights of Action, And Other Insurance Risks of the Government in Privatized Corporations, as Well as Build-Operate-And-Transfer Projects”.

Aguinaldo, M.G. (2018). Guidelines prescribing the submission of the Property Inventory Form as basis for assessment of general insurance coverage over all insurable assets, properties and interests of the government with the General Insurance Fund of the Government Service Insurance System [Memorandum]. Quezon City, MM: Commission on Audit.

Austria, H. (2018). ‘Ompong ‘leaves P1-B agri losses, P25-M infra damage in Pangasinan. Available at: https://www.pna.gov.ph/articles/1048509 (Accessed: 22 October 2018 ).

Charm, N. (2018). Zamboanga City reports P49.9-M local infra damage from typhoon Ompong. Available at https://www.bworldonline.com/zamboanga-city-reports-p49-9-m-local-infra-damage-from-typhoon-ompong/(Accessed: 22 October 2018 ).

Ciuncan, A. (2015). Romania and Turkey: Current models of the compulsory home insurance system. Available at: http://www.xprimm.com/Romania-and-Turkey-Cur rent-models-of-the-compulsor y-home-insurance-system-articol-117,124-6571.htm (Accessed: 20 March 2018).

been implemented through their Romanian Natural Disaster Insurance Pool and the Turkish Catastrophe Insurance Pool, respectively. Catastrophic events have become the new normal and disaster resiliency through property insurance must be put in place both in the public and private sectors.


Incentivizing Disaster Resilient Public Infrastructures in Metro Manila Republic of the Philippines Final Report [PDF]. Available at http://open_jicareport.jica.go.jp/pdf/12309217_01.pdf. (Accessed: 5 November 2018)

National Economic and Development Authority. (2017). Philippine Development Plan 2017-2022 [PDF]. Pasig, MM: National Economic and Development Authority.

Presidential Decree No. 245 (1973). “Amending Section Three of Republic Act Numbered Six Hundred and Fifty-Six, otherwise known as the “Property Insurance Law”, and other Purposes.”

Remo, M.V. (2013). ‘Yolanda’ losses placed at P571B. Available at: https://newsinfo.inquirer.net/548515/yolanda-losses-placed-at-p571b. (Accessed: 14 February 2019).

Republic Act No. 656 (1951). “An Act to Create and Establish a “Property Insurance Fund” and to Provide for its Administration and for other Purposes”.

Republic Act No. 10607. (2013). “An Act Strengthening the Insurance Industry, Further Amending Presidential Decree No. 612, Otherwise Known as the Insurance Doe, as Amended by Presidential Decree No.s 1141, 1280, 1455, 1460, 1814 and 1981, and Batas Pambansa Blg. 874, and For Other Purposes”.

Sarmiento, M.S.S. (2016). Reminding All Local Government Units to Insure Properties With the GSIS in Compliance With The Property Insurance Law [Memorandum]. Quezon City, MM: Department of The Interior and Local Government.

Villacin, D. T. (2017). “A Review of Philippine Government Disaster Financing for Recovery and

Reconstruction.” [PDF]. Available at: https://pidswebs.pids.gov.ph/CDN/PUBLICATIONS/

pidsdps1721.pdf. (Accessed: 29 October 2018 ).

World Bank. (no date). Insuring the Philippines Against Natural Disasters [PDF]. Available at: http://pubdocs.worldbank.org/en/449941523545801796/case-study-f inancia l-products-Phi l l ippines-2018-parametric-catastrophe-insurance-pool-8-15-2018.pdf. (Accessed: 29 November 2018).

World Economic Forum. (2018). The Global Risks Report 2018. Available at: http://www3.weforum.org/docs/WEF_GRR18_Report.pdf. (Accessed: 18 October 2018).

Department of Finance. (2018) DOF, Lloyd’s of London discuss insurance strategies for PHL public assets. Available at:https://www.dof.gov.ph/index.php/dof-lloyds-of-london-discuss-insurance-strategies-for-phl-public-assets/(Accessed: 15 October 2018 ).

De Vera, B.O., Ocampo K.R. and Yee, J. (2018) ‘Ompong’ infra damage balloons to P2.7B. Available at: https://news in fo. inqu i r e r.ne t/1034988/ompong- in f r a -damage-balloons-to-p2-7b (Accessed: 22 October 2018).

Dominguez, C.G. (no date). Interim Report of the Inter-Agency Committee on Government Property Insurance [Memorandum]. Manila, MM: Department of Finance.

Doroteo, H.J. (2015). Philippines: Disaster Risk Profile and Disaster Risk Reduction (DDR) Framework: Natural Calamities. Available at: https://www.researchgate.net/publication/

287817230_Disaster_Risk_Profile_and_Disaster_Risk_Manag ement_Framework_of_ the_Ph i l i pp ines_Natural_Disasters (Accessed: 18 October 2018).

Dullana, R. (2016). After Lawin, state of calamity declared in Cagayan. Available at https://www.rappler.com/nation/150029-after-lawin-cagayan-state-of-calamity (Accessed: 15 October 2018).

Funa, D. B. (2018). The Philippines’s Disaster Risk Financing and Insurance Strategy. Available at: https://businessmir ror.com.ph/the-phil ippiness-d i sas ter- r i sk- f inanc ing-and- insurance-s t ra teg y/(Accessed: 20 October 2018 ).

Government Service Insurance System. (no date). Property Floater. Available at: https://www.gsis.gov.ph/general-insurance/products/property-f loater/ (Accessed: 19 October 2018)

Government Service Insurance System. (2016). Annual Report 2016 Fulfilling Our Commitments [PDF]. Available at: https://www.gsis.gov.ph/downloads/t r a n s p a r e n c y / 2 0 1 6 - G S I S - A n nu a l - Re p o r t . p d f (Accessed: 19 October 2018).

Government Service Insurance System. (2017). Annual Report 2017 Higher Level of Transformation [PDF]. Available at: https://www.gsis.gov.ph/downloads/t r a n s p a r e n c y / 2 0 1 7 - G S I S - A n nu a l - Re p o r t . p d f (Accessed: 19 October 2018).

Japan International Cooperation Agency. (2018). Data Collection Survey on the Insurance Mechanism for


annex aTypes of governmenT properTies/asseTs insured wiTh gsis

FIRE ENGINEERING FLOATER MARINE CARGO

MARINE HULL

MOTOR VEHICLE

MOVABLE COMPREHENSIVE

INSURANCE FINE ARTS AVIATION

Office Building Electronic Equipment Heavy

Equipment Shipment of Coal

Passenger Vessel

Regularly Utilizing Public Highways

Equipment, Musical Instruments, Artworks and Painting for exhibit

Work of Arts, Paintings, Sculptures, Antiques

Aircrafts

School Building

Electronic Data Processing Equipment

Road Roller Shipment of Fuel Oil Tankers Private

Vehicles

Hospital Building

Electrical and Radiation Equipment such as telephone exchanges and communication apparatus, etc.

Dump Trucks

Shipment of Light or Heavy Machinery & Equipment

Dredgers Commercial Vehicles

Commercial Building

Miscellaneous Equipment such as automatic addressing, booking and broadcasting, machines etc.

Garbage Compactors

Importation and local shipment of rice, sugar

Barges and Lighters

Motorcycle Vehicles

Hotels Contractors All Risk (CAR):

Drilling Equipment

Shipment of Cereals and By Products

RoRo

Public Markets

Construction of Buildings Pumps Shipment of

motor vehicles Fishing Vessel

Farms (including poultry and piggery sheds)

Construction of Plants/Factories

Electronic Tool Booth Equipment

Shipment of General Merchandise

Patrol Vessel

Residential Buildings

Construction of Roads

Generator Set

Survey Boats

Warehouse

Construction of Bridges

Construction Equipment

Motorized Tanker

Power Plants

Construction of Piers, Harbors

X-ray Machines

Rescue Boat

Ports Construction of Dams Medicine Pelletizing Equipment

Surveillance Vessel

Airports

Construction of Water Supply

Cellphones

Speed Boat

Public Cemetery

Construction of Drainage System

Communication Equipments

Motorized Vessel

Barangay Halls

Construction of Railways

Fire Arms

Sports Facilities

Construction of Airports

Laptop

Stadium

Construction of Irrigation Systems

Camera

Basketball court

Hand Held Radio

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