In the News: Ikea Gets Into the Insurance Business, Wal-Mart Cuts Insurance for 30,000 Employees

In the News: Ikea Gets Into the Insurance Business, Wal-Mart Cuts Insurance for 30,000 Employees

Popular Swedish furniture retailer, IKEA, is branching out into the insurance business.

IKEA Sells Insurance

IKEA began selling child, pregnancy and home insurance at select stores in Sweden on October 1st, and is set to roll out further insurance products in the coming weeks, with the long-term goal being to make their new insurance offering available to their 59 million members worldwide. We can only hope that their insurance products won’t require assembly.

Walmart Cuts Health Coverage

Another retail giant is also making insurance headlines: Walmart, the world’s largest retailer and the employer of 1.3 million employees in the U.S., is ending health coverage for 30,000 part-time employees.

The cuts are an unfortunate and counteractive result of the Obama administration’s Affordable Care Act, which, starting Jan. 1, 2015. It requires companies with 50 or more employees to offer health insurance coverage to employees working at least 30 hours a week, or pay a penalty.

Considering that in 2011, Walmart stopped offering health insurance to employees who work fewer than 24 hours per week, this decision comes as no surprise.


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