IKEA could be the next big name in insurance

It has been reported that IKEA will be pushing into the insurance market, as it is thought to be planning to roll out a series of insurance product trials at select stores in its home country.

The furniture giant started selling child and pregnancy insurance, in an initial trial aiming to target members of the loyalty club in Sweden, some 2.5 million people.

It is not planning to stop there either, with hopes that it will spread out globally, to the 59 million people who belong to the loyalty membership.

With this many people who already have a custom with the store, they could make a huge impact on the insurance market if it is a success. Home insurance and furniture sales sound like they would go hand in hand, and reports indicate that it is likely that the store will expand this new financial product range to include home insurance.

However, IKEA has declined to comment on possible future products.

The insurance is to be handled by the Ikano Group, according to reports, a company owned by the sons of the owner of IKEA. Previously the companies have been kept apart, but now the large store is incorporating their products.

It may be a while before we see the products in this country, if we ever see them at all, but it could have the potential to steal a good portion of the market from insurers in the country, owing to their large customer base.

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