Wawanesa Insurance Company
|
|
Wawanesa Insurance Company
The Wawanesa Mutual Insurance Company is one of the largest and the most prosperous companies in Canada. Wawanesa offers a wide range of packages to protect your property, life and other activities of a high quality. It includes automobile insurance, home, tenant and mobile home policies, business protection, farm as well as farm machinery, livestock, structures, fertilizer etc. Moreover Wawanesa offers to its customer a variety of discounts on their insurance policy.
Founded by Alonzo Fowler Kempton in 1896 the company started its first steps on the long path of career as a farmers’ mutual insurance in the small room above a drugstore. Kempton held then a position of secretary manager together with his the only bookkeeper Charles Kerr. Seven of the first twenty investors, who invested $20 each, were chosen as directors of the company. During the first period Wawanesa was dependent on the farmers’ cash, which was not available until after harvest, it was not able to issue its policies with premium payment. Although Kempton counted on the farmers’ support which, according to his presumptions, needed such kind of policy with the various risks of draught, fires, accidents with coal-oil lamps or straw-burning equipment.
Alonzo Fowler Kempton was quite a strong person who could overcome any obstacle on his way. That is why he always achieved his objects and soon became one of the most respective and rich men in the area.
During the first years of its activity the company faced more losses than gains. That’s why it decided to diversify the policy packages covering other farm equipment, farm buildings, schools and churches. These steps became beneficiary for the company and by the first year of the twentieth century Wawanesa was already protecting more that $1 million worth of property.
One of the strongest sides that Wawanesa revealed in the hardest times was the period of 1930s – the years of Great Depression. The company adroitly sustained against all the hardships due to its broad experience gained since its creation. The only thing that pointed on the reflection of hard times over Wawanesa insurance co. was reduction of salaries for the employees by ten per cent. Even the directors were not able to afford the luxury the way they had been doing before. This economy helped to maintain the line above the risks of bankruptcy and stay alive.
Since then the company became famous for its wise tactics, agile policies and interesting innovations. One of such distinguished policies was the creation of automobile insurance in 1950s. It offered reduced premiums to the graduates of high-school driving programs. Although the number of car accidents was very small this induced everyone to cover their cars at Wawanesa Mutual Insurance Company.
Today Wawanesa is still the strongest insurance company regardless of its simple management structure. Besides, each customer owns a part of business by buying policies from Wawanesa. Nowadays the Wawanesa Mutual insurance company’s activities are rated financially by A+ (superior) including all the diverse policies and branches. That’s why each year the number of owners becomes larger and larger and the level of standards does not stop to get higher and higher.
No Comments »
RSS feed for comments on this post. TrackBack URL