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Strangely the 1920's were a more difficult time for the Mutual than were the 1930's. The Roaring Twenties, famously prosperous years, were actually quite difficult years for the rural economy and therefore for the Mutual as well.
During the first half of the 1920's, it became apparent that in order to survive, the Company would have to diversify and insure risks other than farm risks. Accordingly the Mutual began to insure houses and cars. Later in the 1920's the Mutual began to prosper and was doing quite well by the time the Stock Market crashed in 1929. |
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One operation that the mutual entered into to aid its business and promote safety was the manufacture of fire extinguishers. Wawanesa obtained the Canadian rights to the Liberty Fire Extinguisher Company. The workers at the Wawanesa office would often have to wear their old clothes to work and spend the day filling tubes with extinguishing powder. The "Secret Formula" of the powder was hidden from all but the managers and remains locked in a safe to this day.
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In the early 70's, more sophisticated equipment took the place of the volcanic ash based Liberty fire extinguisher. The demand for Liberty Fire Extinguishers decreased and the Liberty Fire Extinguisher Company took its place in the history of the Wawanesa mutual.
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The 1930's were a difficult time for the Mutual, just as they were difficult for everyone else. However the Company managed to survive and expand. Many other insurance companies were forced to close during this time and Wawanesa absorbed eleven companies without any losses to those companies policy holders. With this growth it was necessary to build a new office building in 1930. This building still serves as the head office for the Wawanesa Mutual Insurance Company. | ||||||||||||||
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