LONDON (Alliance News) - Amazon.com Inc is considering entering into the UK price comparison website market, Reuters reported on Thursday.
The news agency said Amazon has been sounding out some of Europe's insurers to see if they would contribute products to such a site. Three industry executives told Reuters they had held talks with Amazon about the possible launch of a site.
One said the talks were part of several discussions Amazon is having with insurers, Reuters reported, while a second said there were no imminent launch plans.
"If it establishes a comparison site then I suspect Admiral will be interested in being a member, potentially. Price comparison is the main source of distribution of our products and we'll await with interest what they do," Admiral Chief Financial Officer Geraint Jones told Reuters.
Admiral owns the Confused.com price comparison website.
https://uk.reuters.com/article/uk-amazon-insurance-exclusive/exclusive-amazon-considering-uk-insurance-comparison-site-sources-idUKKBN1L10HH
Shares in London-listed price comparison providers were lower on Thursday following the report, with Moneysupermarket.com down 2.9% and GoCompare.com Group down 0.9%.
Admiral, which rose 3.2% on Wednesday after reporting interim results, was down 1.7%.
Admiral (ADM)
Moneysupermarket.Com (MONY)