Amazon is shutting down its insurance venture

Amazon is shutting down the Amazon Insurance Store, an initiative that was introduced in October 2022 to allow consumers in the UK to shop for home insurance.

The retailer partnered with three insurers when the new venture was launched, Ageas, Co-op, and LV=, and it later added two additional partners – Policy Expert and Urban Jungle.

A statement by Vassil Gedov, head of the Amazon Insurance Store, was shared with Coverager:

“Over the last year, we have been evaluating various businesses and programs, 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.”

Bottom Line: Amazon did the “worst thing” it could possibly do by adding more insurance partners to ultimately shut down this initiative possibly for the same reason QuickBooks terminated its insurance program. After all, if a tree falls in Amazon…