Amazon closing down Insurance Store after 15 months

Amazon Insurance Store has revealed that it is closing down 15 months after launching in the UK market.

In a statement today (24 January 2024), Amazon said it had come to the “difficult decision” to discontinue the store following a strategic review.

The e-commerce giant will be providing guidance to customers who had taken out a policy about the next steps in due course.

“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,” Vassil Gedov, head of the Amazon Insurance Store, told Insurance Times.

“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.”

Amazon launched the store on 19 October 2022 – which allowed consumers to enter their information, compare different providers and prices and then purchase home and contents insurance without leaving the website.

As part of this, it developed an Amazon Standard of Cover, which provided consumers with guaranteed cover for the most common home insurance claims based on research.

Suppliers

Amazon also partnered with several suppliers who provided quotes to customers via the online Insurance Store.

This included Ageas, Policy Expert, Urban Jungle, LV= and Co-Op.

In a statement sent to Insurance Times, an Ageas spokesperson said the insurer was “proud to have worked with such a progressive brand as Amazon and to have the opportunity to launch this new initiative”.

“We completely understand that Amazon has done what is best for their business and our focus is now on supporting customers who bought Ageas insurance through the Amazon Insurance Store,” they added.

LV= also said it would support customers through the transition period of Amazon closing its insurance arm.

“We have been informed by Amazon that they intend to close the Amazon Insurance Store,” it added.

”We’re working with them to ensure customers are not impacted by Amazon’s decision and to ensure our customers are fully informed.”