2019 Integrated Report

PPS SHORT-TERM INSURANCE Seated: Mr I J Smit B Com (Hons), FASSA Non-Executive Director Mr J D van der Sandt B Com (Hons), CA(SA) Executive Director Mr W Bosman B Compt (Hons), CA(SA) Chief Executive Mr P Ranchod B Compt (Hons), CA(SA), MBL, H Dip Business Data Processing Independent Non- Executive Director Standing: Mr M J Jackson BA (Hons), MA Independent Non- Executive Chairman Mrs T Boesch B Com (Hons), CA(SA) Non-Executive Director Mr C Erasmus B Sc, FIA, FASSA Independent Non- Executive Director ABOUT PPS SHORT-TERM INSURANCE PPS Short-Term Insurance is unlike any other short-term insurance provider. It serves only graduate professionals, and its solutions are tailored to meet the specific needs of this market. In addition, like all businesses in the PPS Group, it operates under the ethos of mutuality. The fair treatment of members is the most important goal for PPS Short-Term Insurance’s claims staff. It is their mission to ensure that claims are both valid and fair. PERFORMANCE The PPS Short-Term Insurance business enjoyed a successful year, with actual loss coming in below the budgeted figure in the business plan. This was due to better-than-expected claims performance, with the business achieving a loss ratio of 69.2% which is a decline of 9.4% from the previous year. Prudent underwriting and good claims management resulted in operating expenses growing by only 6.1% compared to 2018. The value of new premiums written the whole Short-Term Insurance business (including PPS Health Professions Indemnity) during 2019, however, came in lower than expected for the year at R38.6 million. 44 | PPS INTEGRATED REPORT 2019