Amazon closes its Insurance Store after 15 months

Amazon entered the UK insurance comparison market just 15 months ago with its brand name The Amazon Insurance Store, but following an internal evaluation a decision has been taken to close this part of its business. 

As reported by Reuters, the E-commerce giant introduced Amazon Insurance to select customers on October 19th, 2022 and subsequently carried out its nationwide rollout by the end of the same year.

Amazon's panel was initially home insurers Ageas UK, Co-op, and LV=. Policy Expert and Urban Jungle were also added at a later date however, a decision was reached to end the Amazon Insurance Store after less than just one and a half years.

An Insurance Post report quoted Amazon Insurance Store head Vassil Gedov as saying; 

“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.”

What are you thoughts on this announcement?