Woolworths and Myer to enter car insurance market

Woolworths and Myer Holdings look set to enter Australia’s $20 billion insurance market with offerings including home, travel and car insurance, it has been reported.

According to the Australian Financial Review (AFR), the retailers have put their insurance to tender but have not yet set any dates for market launches, with Woolworths seeking a partner to run its insurance offshoot.

The plans, which follow retailer Wesfarmers’ move into the insurance industry, would offer Aussies more competitive options when they come to compare car insurance. Woolworths spokesperson Luke Schepen told the AFR the proposed products would be similar to existing offerings, noting that insurance is "an everyday need and Woolworths is in the business of everyday needs".

It was also reported that Myer recently chose a preferred insurance partner following interruptions in the tender process for its insurance business.

The news comes after specialist online car insurance provider The Buzz Insurance announced this week the expansion of its web presence through the official launch of its home insurance product.

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