Ikea is getting into the insurance business. The world’s biggest furniture retailer started selling child and pregnancy insurance in Sweden this month and is planning on offering home insurance in Sweden in the very near future.
The furniture giant is offering trial insurance policies, branded Omifall, at select stores in Sweden and targeting the 2.5 million Swedish members of Ikea’s loyalty club. But, according to the Wall Street Journal, insurance could be made available to the club’s 59 million members worldwide in the future.
The Wall Street Journal goes on to report that this could point to a generational transition within the company. The insurance products are managed by the Ikano Group, which is under Ikea’s corporate umbrella but is owned by the sons of 88-year-old Ikea founder Ingvar Kamprad. “This is the first time daddy properly lets the sons’ company into Ikea,” a person familiar with Ikea’s insurance push said.