Amazon has confirmed today that it will be discontinuing its Amazon Insurance Store, some 15 months after launching the initiative in the UK market.
Amazon also said in a statement that it is working closely with its insurance partners to define the timeline for the store closure.
Health & Protection reported at the time of the Amazon Insurance Store launch in October 2022 that LV= Financial Services had not been contacted by Amazon to partner with it on a protection insurance solution for its newly launched Insurance Store.
But Allianz-owned LV General Insurance was one of the three insurers that joined with Amazon on its insurance store which launched with the aim of offering customers a solution to shop for home insurance.
Ageas and Co-op made up the trio of insurers active at launch. Policy Expert and Urban Jungle joined later.
When contacted by Health & Protection about any plans Amazon may have for a move into protection insurance or PMI, a spokesperson said that it was currently focused on the launch of the store and could not share more information on future plans at that time.
Expanding on the situation today, Amazon said in a statement: “We’re not able to share specific numbers on policyholders.”
Insurance providers in the Amazon Insurance Store included Ageas, Co-op, LV=, Policy Expert and Urban Jungle. The Amazon site anticipated introducing new insurers in the future.
Customers could buy home insurance (buildings insurance, contents insurance and combined buildings and contents insurance) through the Amazon Insurance Store.
In its statement earlier today Vassil Gedov, head of the Amazon Insurance Store, said: “Over the last year, we have been evaluating various businesses and programmes, and as a part of that we’ve made the difficult decision to discontinue the Amazon Insurance Store.
“Customers who have purchased policies will not see any changes to their coverage, claims in process at this time, or future claims they may make during their policy term.
“We will provide guidance to customers on any actions they need to take as a result of this change.”
Up to this afternoon the functionality on the website to buy insurance from Amazon appeared to still be working.
