Amazon has announced the launch of a new home insurance comparison portal, sending shares in London-listed price comparison website Moneysupermarket tumbling.
Amazon Insurance Store will start rolling out to select customers on Wednesday and will be available to all UK customers on the company’s website and mobile app by the end of the year.
Jonathan Feifs, general manager of Amazon’s European Payment Products, said: “Shopping online for home insurance is a well-established experience, and our goal is to exceed customers’ expectations when it comes to the Amazon Insurance Store.
“This initial launch is just the beginning – we’ll continue to innovate and make refinements, all with the aim of delighting customers and providing the most convenient shopping experience possible.”
Amazon has partnered with three insurance brands for the initial launch: Ageas UK, Co-op, and LV= General Insurance. The company plans to add more insurers early next year.
The news sent Moneysupermarket shares sharply lower, and by 1225 BST, they were down 11% at 186.10p.
