14 June 2018
A history of what makes PSA Insurance unique
It is always important to know your roots, PSA’s roots started when Major General Dr Fetherson, Victorian representative on the Australian Federal Committee of the British Medical Association (BMA), returned from World War 1 in 1924.
On his return, he visited New Zealand and was impressed with the success of the NZ Medical Insurance Scheme, initiated by the NZ brand of the BMA, with the purpose of providing general and sickness insurance to its 400 members. Soon after, on 18 August 1925, a Victorian Insurance Scheme, similar in purpose to the NZ scheme, was established under the newly formed British Medical Insurance Co.Ltd. (BMI). Inaugural directors of the BMI include; Dr Mollison, the company’s first chairman, Dr Fetherston, Dr Hughes and Dr John Newman-Morris.
In June 1926 BMI is up and running with the collaboration of the Automobile, Fire and General Insurance Company of Australia. That year the State Dental Society of Victoria gives their official recognition to BMI.
1928 saw BMI’s product portfolio expand to include life assurance through National Mutual and the Australian Provincial Assurance Company as well as an all risks policy on personal possession through North British & Mercantile Insurance.
World War 2 saw BMI progress steadily although facing significant financial challenges due to loss of revenue from members in active service. In 1945 a $10,000 contribution from Associations assisted in the purchase of a property at the corner of Albert and Lansdowne streets in East Melbourne for use by the Medical Society of Victoria (MSV).
Further contributions are made in the form of medical grants for the establishment of the library of the College of Nursing of Australia, the King George VI Memorial Appeal for the advancement of medical education in Victoria and the medical faculty and colleges at the University of Melbourne. As well as dental grants made to the Australian Dental Association (ADA) and the Australian Dental Congress.
In 1950 the ADA is appointed an official agent of BMI beginning a long and collaborative relationship with the medical and dental processions as evidenced by BMI’s commitment to focus its support initiatives exclusively in favour of doctors and dentists.