Founded on co-operative principles a century ago, MAS has supported its members through some tough times. Established in the wake of a World War and a global pandemic, its history has been book-ended by devastating natural disasters in New Zealand. Mutuality was hardly a new idea in 1921, but it is one whose emphasis on shared benefit and doing what is good for customers and society has recaptured the attention of the business world in the 21st century. Today, MAS is proud to be at the forefront of a shift in corporate mindset towards doing more for our communities and inspiring a healthier New Zealand.
It is 100 years since four doctors met in the drawing room of a Napier villa and resolved to start an insurance company.
It’s unclear exactly what the group’s original aims were, although there’s some evidence they were motivated by the high costs of running medical practices at the time. Initially, their concern seems to have been to purchase medical supplies at more affordable rates, although eventually this focus shifted to providing insurance for medical professionals.
What’s remarkable, is that a group of busy doctors – with plenty of professional obligations to keep them occupied – found the time to set up the Medical Assurance Society.
“The primary purpose of a mutual is not to make a profit for external shareholders, as with a limited liability company, but to serve the interests of its members. As a mutual, MAS’s customers become members and shareholders in the company.”
Read more from MAS CEO Martin Stokes, CEO of MAS, in this article as the organisation celebrates its centenary year in 2021.
