History of GTM
Since 1880
The inevitable occurred in the 1860’s. A series of fires devastated various sections of Georgetown. On 17th June 1863, there occurred in Werk-en-Rust a fire which completely destroyed a “large property of ill-fame” together with some small cottages. The extent of damage to property was estimated at $60,000. A second fire broke out in Water Street on 3rd April, 1864, when, according to the Rev. H.V.P. Bronkhurst, “the cry of FIRE, the clanging of bells, bugle calls, and the shrieks of houseless men and women, awoke the quiet of the Sabbath into a scene of the wildest confusion and terror”. The fire cost three lives, threw some 130 clerks out of employment, while the loss sustained by the affected merchants and others, including property and stocks, amounted to upwards of $3,000,000. The third conflagration which occurred on 4th July 1864 reduced yet another set of buildings on Water Street to ashes. On that occasion, the destruction of property and goods was estimated at $1,500,000.
Fires tend to have the salutary effect of arousing people out of their apathy and indifference to protective and compensatory measures. Those latter two fires, indeed of calamitous proportions, did not fail to have significant consequences. First, city residents became more aware of the urgent need for fire insurance for their homes. Secondly, out of the ashes of the buildings of the “old, narrow, twisted roadway” that was Water Street, arose a spacious, fashionable and imposing commercial centre. Thirdly, the old custom of merchants living above the stores became obsolete. And fourthly, people saw the advantage of isolating new buildings, with the hope that any subsequent fire would be confined to a limited area.
It was under these circumstances that men with prophetic foresight and proven business acumen decided to establish a second local fire insurance company in the country. Messrs. John Seys Hill, B.S. Bayley, and the Hon. R.P. Drysdale, formerly of the Board of Directors of the Hand-in-Hand, formed the nucleus. The new Company was incorporated by Ordinance No. 31 of 15th December 1880, and was named “The British Guiana Mutual Fire Insurance Company Limited.” Its formation coincided with the passing of a “Bill to Make More Effectual Provision For the Control of the Georgetown Fire Brigade in Case of Fire.”
The new Company, today familiarly known as GTM Fire immediately set up temporary premises at Mud Lot 19 in Water Street, Georgetown. GTM Fire’s businesslike approach was in early evidence on 16th December, 1880, when its manager and secretary, John Seys Hill, informed the public through the local press that the Company was prepared to “entertain Applications and to issue Policies for Insurance against FIRE on every description of Property throughout the country. “A new era in fire insurance in Guyana had begun.”
GTM Fire’s operations during the first decade depict a phenomenal success. Between 1880 and 1890 a vast amount of business had been accomplished, as the prudent had recognised the need for a safeguard against loss by fire.
GTM Fire’s phenomenal growth since 1880, and the consequent increase in its reserves, persuaded the directors to embark on a bold expansion of its insurance operations. But the directors had decided the business should first be housed in a permanent building – one that would portray the strength of the enterprise to its members and the public. As no suitable building was procurable, either for rent or purchase, the directors resolved to build GTM’s own offices. In 1893 the corner stone for offices were laid at Robb & Hincks Streets. The choice of the site at the corner of Robb & Hincks Streets is ample evidence of their shrewdness and foresight. Purchased for $7,500, GTM’s building stands prominently and proudly at the very heart of Georgetown.
In 1909 operations extended to: Barbados, Grenada, St Kitts and Trinidad, but bad claims experience caused all agencies except Trinidad to be closed down in the early twenties. In 1923 the British Guiana Mutual and Trinidad Mutual amalgamated and became known as the British Guiana and Trinidad Mutual Fire Insurance Company, Limited.
In 1925 the British Guiana and Trinidad Mutual Life Insurance Company Limited was incorporated, the first policy being issued on October 31 1925.
Other significant dates in our history are: -
