Amazon (AMZN) shutting down UK insurance store following internal review

Amazon (NASDAQ: AMZN) announced this week that it will be closing its UK insurance store around 15 months after it first launched.

The decision follows an internal review. The Amazon Insurance Store was opened for UK customers as a way to shop for home insurance. It started rolling out to a select group of customers upon its initial launch before being launched for everyone.

The prices were provided by Ageas UK, Co-op, and LV=.

However, Amazon said in a statement: "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."

Following the news, Jefferies analyst Oliver Conroy said it is "a reminder of the importance of choice and the intense level of competition within UK price comparison."

"This exit should be received positively by some investors of MoneySupermarket (and to a lesser extent Future plc, owner of Go Compare)."

By Sam Boughedda

You May Also Be Interested In

• Amazon Prime Day could drive $21.6 billion in sales, boost Alexa adoption
• Amazon Prime Day expected to drive $26.3 billion in online sales
• Corbus Pharmaceuticals (CRBP) PT Lowered to $34 at Mizuho