VSIC marks 95 years with focus on people, faith, and innovation

CEBU, Philippines — For 95 years, Visayan Surety and Insurance Corporation (VSIC) has helped Filipinos recover from fires, typhoons, earthquakes and other disasters.

The Cebu-based insurer celebrated its 95th anniversary on July 14 at Cebu Coliseum, reaffirming its mission to serve people during their hardest times.

“People first” kept VSIC standing for 95 years

VSIC Chairman Lawyer Augustus “Gus” Go, 91, said the company’s staying power comes down to four things.

“People, hard work, faith in God, and a commitment to helping others have been the guiding principles behind the enduring success of VSIC,” Go said during an interview with businessman Bunny Pages.

He credited the company’s officers and employees for its longevity. Go also expressed confidence in the leadership of his son, VSIC President and CEO Kenneth Go.

Go said running an insurance company in the Philippines is not easy because of constant natural calamities.

“These are things we cannot control,” he said.

He recalled even tougher times during World War II when his father saw many of their businesses destroyed. Despite that, VSIC survived and continued to grow.

For Go, success comes from two principles: “Hard work and faith in God... people must work diligently while trusting that God will guide them toward the right decisions.”

As VSIC turns 95, Go said he hopes the company “will continue fulfilling its mission of helping people during difficult times, a commitment that has defined the insurer throughout its history.”

Investing for the next 100 years

In his welcome address, Kenneth Go honored VSIC’s founders: Manuel Gotianuy, Governor Jose Leyson, Lim Bon Fing, and other Cebu business leaders.

“Today, we gather to honor the legacy, vision, and dream of our founders,” the younger Go said. He added that the company was built on “genuine care for people, integrity, fairness, and respect for relationships.”

Kenneth Go described insurance as more than a transaction.

“In our industry, uncertainty is not a roadblock, it is the very reason we exist,” he said.

To prepare for its 100th year in 2031, VSIC is stepping up investments in technology, talent, and capital. The company recently spent P30 million on a new core insurance platform to speed up underwriting, claims, and customer service. It also hired experienced professionals and expanded employee training.

“Technology will enable us to serve our clients faster and better, but the foundation of our business will always be trust, integrity, fairness, and lasting relationships,” Kenneth Go said.

From two agents to 150, from P4M to P1B

VSIC started with fire insurance and surety bonds. Today it offers about 60 non-life products including Motorcar, Personal Accident, and Liability Insurance.

Its network has grown from two licensed agents to more than 150 nationwide, according to Blue R. Tejam, head of alternative distribution channel management.

The company’s growth has been organic. Gross premiums rose from P4 million in 2004 with P25 million capitalization, to P1 billion in 2022 with P1.3 billion capitalization. Gross premiums reached P884 million in 2024 and P751 million in 2025 due to market conditions and higher claims from recent calamities.

Despite this, officials said VSIC remains financially stable. Kenneth Go also acknowledged his father’s recent capital infusion that helped the company meet the Insurance Commission’s P1.3-billion minimum capital requirement.

Regulator’s challenge: innovate and be more inclusive

Insurance Commissioner Ronaldo A. Regalado, through Atty. Guillermo Lloyd Co, congratulated VSIC and challenged the industry to adapt.

“Reaching nearly a century of service in a dynamic and ever-evolving market while consistently honoring your commitment to policyholders and clients is truly a remarkable achievement,” Regalado said.

He urged insurers to develop “more responsive and inclusive insurance solutions” as disasters become more frequent, especially in Visayas and Mindanao.

The anniversary gathered clients, partners, employees and industry leaders as VSIC begins its five-year countdown to its centennial in 2031.