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Quezon province to get max of P200M parametric insurance from GSIS

LUCENA CITY, Quezon -- The province of Quezon stands to receive from the Government Insurance System (GSIS), up to a maximum of P200 millio...

LUCENA CITY, Quezon -- The province of Quezon stands to receive from the Government Insurance System (GSIS), up to a maximum of P200 million risk insurance cover, in the event of a devastating typhoon.

This was announced by GSIS chairman Francisco Duque III in a dialogue held in Tayabas City recently with over 400 members and pensioners of GSIS under the coverage of GSIS Lucena City branch office.

According to Duque, the P10 billion parametric insurance pilot project, launched by the Philippine government through the support of the World Bank and the UK Department for International for International Development last July, is the first of its kind in the country.

It covers losses of national government offices (typhoons and earthquakes) and 25 provinces (typhoons), including Quezon.

“Under the project, the pay out will augment the funds of local government units to enable them to respond immediately to the needs of their constituents following a natural catastrophe,” chairman Duque said.

Meanwhile, Duque also informed that beginning this year, GSIS members and pensioners can expect a shorter processing time for retirement, life insurance and motor vehicle claims, as well as service loans.

“Retirement and life insurance claims are now being processed no more than 30 days, motor vehicle claims in 40 days (from 45 days) while service loans including consoloan or salary loan, within three days,” he added. (GG/R. Orinday, PIA-Quezon with reports from GSIS).

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