Manila, June 24 -- The Government Service Insurance System (GSIS) earmarked an initial PHP69.1 million in reserves for damage claims arising from the magnitude 7.8 earthquake that struck parts of Mindanao.

The state insurer said on Wednesday the reserve covers initial reports involving 4,403 insurance policies with a combined insured value of PHP23.59 billion, with the highest concentration of affected insured properties recorded in General Santos City.

GSIS President and General Manager Wick Veloso said the earthquake underscored the importance of maintaining adequate insurance coverage to ensure the uninterrupted delivery of government services after disasters.

"The earthquake highlights the critical role of insurance in protecting ...