Our Company was founded by British Columbians to provide those living in Rural Communities, Insurance against loss by Fire and Lightning. Stock Companies at that period of time, were not particularly interested in Rural Insurance, and if they did write this business, the costs were almost prohibitive.
The Stock Companies did not understand the Farmer's needs. Steam power equipment increased the risk of farm fires, however, the Farmers believed that with proper precautions, losses could be minimized.

As there were Mutual Insurance Companies already incorporated in Eastern Canada, two gentlemen, Mr. A.C. Wells of Chilliwack and Capt. W.F. Stewart of Eburne made the journey back east in 1902, and visited various locations in Ontario and Quebec in order to gather information from the Mutuals in those two provinces. They gathered valuable information resulting in the necessary support for the incorporation of our Company.
These two gentlemen, along with 44 other prominent Farmers in the Fraser Valley, in early 1902, signed a certificate of incorporation and on July 18, 1902, the Mutual Fire Insurance Company of British Columbia was established. Head Office was then located in the Black Block in Vancouver.

The new Company elected president, A.C. Wells of Chilliwack and as vice-president, Capt. W.F. Stewart of Eburne. Their respective salaries were $60 and $25 per month.

The first policy was issued on August 29, 1902 to Rev. J.A. Logan of Eburne for $1500.00 of coverage. The Directors, chosen from the charter members, were encouraged to canvas their districts for new members and were given a small remuneration for their efforts.

At the first annual general meeting in February 1903, the financial statements showed expenses of $590.37 and a income of $572.37. Capt. Stewart the vice-president, agreed to waive his salary in order to balance the books. Despite this weak financial beginning, one can imagine the relief of the Farmers, knowing that there was now an established form of fire protection tailored to their needs. The company offered a simple but effective policy at about 25% of existing premiums. They all shared in the company's management and strong feelings of kinship existed.

By 1907, business had increased and Mr. C.D Hubbs was the first hired employee in the position of Manager/Secretary. The company now had 1147 members and continued to grow.
After the First World War, many farms were subdivided under the Soldiers Settlement Board and membership jumped to 4161. By Annual General Meeting in 1922, however, this number had declined since the Soldiers Settlement Board was not accepting the company's policies due to its financial weakness. It refused to issue loans unless the Farmers were insured with a more established company.
By 1931, the effects of the depression were being felt not only by the Mutual Fire Insurance Company, but all the insurance companies. Lumber prices had fallen off and depression in the value of property made it difficult to arrive at the proper amounts of insurance. One of the main causes of loss during these years was from fires started by tramps' smouldering cigarettes.
In 1932, the first Reinsurance Treaty with Lloyds of London was signed which eliminated the need to call on the premium notes when the company was unable to pay its losses.

Since it was difficult to collect premiums during the depression, an arrangement was made to accept promissory notes in lieu of cash. The loyalty to the company was proven by 1942 when over 92 percent of these notes were paid off.
Rates were increased in 1948 due to high frequency of losses in the previous four years. Many Agents had trouble delivering policy renewals during that period because serious flooding in the Fraser Valley made travel difficult.

In the later part of 1950, the company had the Mutual Fire Insurance Company Act amended to broaden coverage's to now be able to offer damage caused by windstorm. This made the company much more competitive and net profits increased substantially. By Annual General Meeting in 1952, business had doubled over the last decade and the total assets were $143,188. The company had the lowest rates on farm insurance in British Columbia, which resulted in increased business. The company continued along conservative lines and never lost sight of its primary objective that was set out in 1902-to provide the best service it could to it's policyholders. Those 46 Farmers who founded the company would be very pleased with the way things have turned out.
Today, the company is the leading insurer in the Dairy and Feather Industries. Coverage has been broadening to meet the needs of today's highly technical farming procedures.

In 1983, the company moved to its head office to 104 - 10334-152A Street in Surrey. The need to be located in downtown Vancouver was not required and costs were much more reasonable.
In 2000, construction began on the company's very own building. A location in Walnut Grove just north of the freeway in the Township of Langley was chosen. The company moved into their new home in March of 2001. This will serve as the new head office for many, many years to come.

The company is only licensed to write insurance within the Province of British Columbia. We are fully reinsured with Farm Mutual Reinsurance Plan of Cambridge, ON.  The FMRP is a Canadian Reinsurer looking after the Reinsurance needs of 61 Mutual Companies across Canada.  Reinsurance Treaties enable the company to write risks and property that we would not normally be able to handle by ourselves. Over the years, the company has built up a Member's Surplus Account, to provide financial security to our policyholders.

Mutual Fire is governed by a Board of Directors. These directors include local farmers and businessmen. The directors give the company an edge in the marketplace today as they are all from different facets of the farming industry.