Insurance Covered
A Look at Friendly Societies (With Martin Shaw)
Oct 9, 2023
Martin Shaw, Head of Policy at the Association of Financial Mutuals, discusses friendly societies, their history, the role they play in the modern world, and how they are regulated.
24:59
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Quick takeaways
- Friendly societies originated in ancient times and served as a form of welfare state providing healthcare benefits and financial support to members before the establishment of the National Health Service and the welfare state in the UK.
- While the number of friendly societies has significantly decreased over time, the remaining ones continue to serve as innovators in the insurance industry, offering low-cost insurance products and catering to individuals with limited financial means who may not have access to similar products from mainstream insurance companies.
Deep dives
The History and Purpose of Friendly Societies
Friendly societies are a form of communal organization that dates back to ancient times, with the first known organization traced back to the Roman Empire. In the UK, friendly societies emerged during the late 17th century and grew rapidly during the industrialization period of the 18th and 19th centuries. They provided a form of welfare state before the concept was officially introduced, offering healthcare benefits and financial support to members. Friendly societies were characterized by their focus on shared interests and contributions to a common pot for the benefit of all members.
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