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Amazon Said to Consider Selling Home Insurance

Amazon Said to Consider Selling Home Insurance
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By    |   Wednesday, 06 June 2018 11:45 AM

Online titan Amazon.com Inc. reportedly has considered selling home insurance in an attempt to seemingly fulfill nearly every need of American consumers.

The website Information.com reported that Amazon (AMZN) considered “offering home insurance as an offshoot of its development work on robots and other connected devices for the home, according to a person familiar with the discussions. The idea is that robots and other smart devices can be used to monitor for threats such as fires and burglaries, making it possible to offer cheaper premiums.”

However, the Information.com report added: "There's nothing that suggests Amazon has any concrete plans for insurance."

As a result of the report, CNBC.com reported that shares of stocks like AIG and Chubb dipped slightly but quickly rebounded.

Amazon did not have an immediate comment, the article said. The company also was not immediately available to comment in response to an inquiry from CNBC.

Meanwhile, the bigger Amazon gets, the more scrutiny it seems to attract.

Amazon.com Chief Executive Officer Jeff Bezos recently said the world’s biggest online retailer will take increased government scrutiny in its stride and shouldn’t take such close examination personally, Bloomberg reported.

During Amazon’s annual shareholder meeting last month in Seattle, Bezos said all large institutions, including corporations, should invite scrutiny, adding that the company has grown from 30,000 employees in 2010 to nearly 600,000 today.

“Don’t take it personally, because if you do take it personally you start doing things that are counterproductive,” Bezos said. “We have to conduct ourselves in a way that when we are scrutinized, we pass with flying colors.”

As the company has grown from an online bookseller into the world’s second most-valuable corporation, it has been criticized by lawmakers, including President Donald Trump, who has charged it doesn’t pay enough taxes and gets an overly generous deal from the U.S. Postal Service.

(Newsmax wire services contributed to this report).

© 2019 Newsmax Finance. All rights reserved.

   
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Online titan Amazon.com Inc. reportedly has considered selling home insurance in an attempt to seemingly fulfill nearly every need of American consumers.
amazon, home, insurance, selling, information
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2018-45-06
Wednesday, 06 June 2018 11:45 AM
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