Resolution announced today the agreed acquisition of the majority of AXA's UK life assurance business (protection, corporate benefits and annuities) by FPH, a subsidiary of Resolution. The deal is worth approximately £2.75bn.

The arrangement will lead to the creation of one of the market-leading providers in the corporate pensions and protection markets in the UK.

City watchdog the Financial Services Authority (FSA) has taken its strongest action yet against insurers who mis-sell loan insurance, commonly known as Payment Protection Insurance (PPI).

One in five young drivers has no insurance, according to a report published today (26 August) by the Motor Insurers' Bureau (MIB). This amounts to around 243,000 motorists on Britain's roads driving without even basic third-party cover.

Other measures designed to introduce competition between suppliers that the CC proposes include a prohibition on single-premium policies; personal PPI quotes; annual statements, and measures to make sure that improved information is available to consumers, to make it easier for them to compare and search for products and switch policies at a later point.

Payment protection insurance (PPI) should not be sold to a customer at the same time as a loan, the Competition Commission says. It recommends a 14-day delay, to allow customers to shop around.

PPI is designed to enable people to repay loans, such as mortgages or credit card bills, even if they lose their job or fall ill and their income drops. But PPI has been mis-sold in the past, and the Commission estimates that £1.4bn of "excess profit" was made in 2006 by the 12 largest sellers.

Norwich Union, the UK's largest insurer has followed in the footsteps of competitor, Direct Line and removed itself from price comparison websites. Instead the insurer has lauched a web and phone service that gives customers it own prices and products and that of its rivals – even if they’re cheaper, it claims. David Tyers, director of marketing at Norwich Union, said, “The truth is no insurer is cheapest all of the time; the difference is we will tell customers when we are and when we are not. But clearly we hope that we will be competitive for many customers and we know, as a package, our motor insurance represents great value and people will choose to buy from us.”

Gatwick, Manchester and Glasgow airports were in disarray this morning, after the country's  third-largest package holiday group, XL, which flies out of those cities, went into administration. All XL flights have now been cancelled, with immediate effect, and its aircraft grounded.

The shock collapse of XL has left an estimated 85,000 people stranded abroad, according to the Civil Aviation Authority (CAA). This includes those on an XL flight bound for Gatwick from Orlando, USA, which was grounded shortly before take-off. A source at the airport said passengers were 'distressed' and accommodation was being sought.

A critical report on price comparison sites by Which? magazine has provoked rebuttals from two of the three sites mentioned.

The report, which looked at moneysupermarket.com, Gocompare.com and Confused.com, concluded that, while comparison sites can be a quick and easy way to get quotes for insurance, or search for financial products such as loans and credit cards, they have their limitations.

Brits are ditching the monthly cost of insurance premiums in order to contend with rising inflation, according to new research published today by Combined Insurance. It reveals that the average monthly financial  commitment among Britons has soared by 26% in the last two years, rising from £945 to £1,281. Some costs, like childcare, and everyday bills such as water and fuel, have soared higher than this, at 77% and 30% respectively, according to the the insurer's Cost of Living Tracker, which it publishes every year.

Norwich Union's Pay As You Drive insurance policy may simply have been ahead of its time. Government action on road pricing could encourage this sort of motor insurance to make a come back in a few years, according to leading global consultants Watson Wyatt.

Norwich Union announced this week that it has decided to stop offering its Pay As You Drive insurance policy, saying that the policy did not achieve critical mass and it has been suspended indefinitely. This leaves only RSA's Drive Time policy, which targets under 25s, offering usage-based insurance.

AXA PPP healthcare has introduced a private medical insurance plan for children.The plan, called First Healthcare, has been designed to offer cover at just £9.99 a month.

The plan covers early access to consultations with an experienced specialist as well as out-patient tests and scans to establish diagnosis. If hospital treatment is required as an in-patient or a day-patient, First Healthcare pays for private treatment immediately provided the NHS cannot see the child within six weeks of when treatment should take place. This arrangement, which allows the NHS to take care of urgently needed treatment while avoiding delays, helps keep premiums low.

Norwich Union has dropped its "pay-as-you-drive" motor insurance scheme – much heralded for bringing down the cost of motoring for those who used their cars less than average, and those who did not drive on busy roads or at night.

The scheme, which has been going only two years, was hailed as the perfect way for young drivers to gain experience on the road after passing their test without having to pay the sky-high insurance premiums typically charged to new drivers.

As the England Rugby team prepare to face the All Blacks in New Zealand on June 14 and 21, it may come as a shock to learn that several of their mammoth super-fit players can technically be classified as obese.

Take Nick Easter for example. England's  injured number 8 is 6ft 4in and weighs in at a hefty 18st 2lbs. He's one of the world's top players, yet his BMI (Body Mass Index), the scale often used for measuring obesity, comes in at a whopping 30.9.

Payment Protection Insurance (PPI) is a bad deal for customers, who are being overcharged to the tune of some £1.4bn a year. These are the provisional findings of a Competition Commission report on the sale of PPI in Britain, published today.

Although it is couched in cautious language, the conclusion is quite damning: companies face little or no competition when selling (PPI) to their credit customers, who may not understand what they are letting themselves in for, and are being taken advantage of.

PPI covers repayments on credit products if the borrower is unable to do so because of accident, sickness, unemployment or (in many cases) death. PPI is sold to cover a variety of financial products, but over 90% of PPI sold in Britain in 2006 was either personal loan PPI, credit card PPI, mortgage PPI or second-charge mortgage PPI.

One in ten (9%) homes have been burgled while the occupants have been on holiday, away for the weekend or just on a day trip, according to research by Churchill Home Insurance. The total value of items stolen averaged £3,288 per incident.

The survey confirms a trend away from the traditional TV and stereo theft, as thieves are going for easy-to-carry, high-value items, such as DVDs/CDs/videos (44%), jewellery (43%) and money, cheque books and credit cards (42%), closely followed by  electrical items.

Tesco Home insurance is offering a 33% discount on the cost of cover on policies taken out by June 21. A further 10% saving can be made by buying online.

This offer is available to new customers who apply either by phone or online and the quote will remain available for 90 days after application.

James and William may be two of the top ten most popular boy’s names for babies, but parents should be warned that when their sons grow up they could be among some of the most reckless drivers on Britain’s roads, according to Confused.com.

Nearly one in five Jameses and Williams (17% and 16% respectively) have driving convictions compared with comparatively vigilant Joshuas – ranked the fourth most popular name – and Alfies – ranked tenth – who have a mere 9% and 6% of driving convictions, respectively.

Police forces are not the only ones cracking down on motorists who risk lives by using hand-held mobile phones. Motor insurers are now showing support by increasing the premiums quoted for offenders - or even refusing cover, according to new data from the AA.

As well as being stung with the fixed £60 penalty charge, motorists could be forking out £5.4 million each year in insurance premiums - with some insurers increasing premiums by 18.% because of the higher risk.

Tesco is launching a new life insurance policy for the over-50s. The policy will allow customers to leave loved ones a guaranteed tax-free cash lump sum. Customers who buy before 26 June will receive a free £20 gift card.

Customers are guaranteed to be accepted and no medical is required for customers who are between the ages of 50 and 75. There are no complicated forms to fill in, customers can apply easily online or over the phone. Customers stop paying when they reach 90, but their cover will continue until death.

As many as 1.15 million people have admitted to having driven a car in the last 12 months, without having insurance, according to research by Sainsbury's Car Insurance. 

The main reason people gave were that they could not affpord it with nearly one in five saying motor insurance was too expensive. Another one in five said they did not think insurance was necessary. Nearly two-fifths of the insured were in a high risk group aged 17 - 24 and a further 22% were aged 25 - 34.

Thousands of UK motorists, relying on urban myths and not reading the small print on their insurance policies, are running a major risk of not being covered to the extent they think they are, according to new research.

The research, undertaken on behalf of Swiftcover.com, found British drivers to be extremely confused as to what is and isn’t covered by their insurance. For example, while eating and smoking behind the wheel might not be a criminal offence, many drivers are not aware that they could be accused of negligence if involved in an accident while smoking or eating - resulting in a drastically reduced payout.

Supermarket ASDA is launching a life insurance policy for the over-50s that guarantees that no one who signs up will pay more in than their cover will pay out.

ASDA Financial Services, the supermarket's financial arm, claims that its Over-50s Life Cover policy is unique as it ensures that customers will only pay premiums until their chosen sum assured is reached.  After this point they stop paying premiums, but their cover continues for the rest of their lives.

Bikers are being targeted by the Post Office with its new motorcycle insurance policy. The Post Office is hoping to drive people to buy its policies by offering a month's free cover. It's also offering a number of other wheel deals at its branches and online.

Nearly four in five people in the UK laugh out loud and sing at the top of their voices while driving - even when there is no one in the car to laugh with - according to a survey from Confused.com, the insurance price comparison site.

Swansea proved to be the most popular place for singing and laughing while on the road, with 86% of people making merry in their car, compared with their gloomier Aberystwyth countrymen - 61% of whom partake in such driving jollity.

Whether a home is rented or owned it is important to have the right level of insurance cover in place.  Price is still a key consideration, so it is always a good idea to shop around as some home insurance providers have hidden costs such as charges for paying by Direct Debit.   

Nationwide recommends those affected by flood water or storm damage should:

• Check whether their insurance company offers alternative accommodation;
• Inform their insurer as soon as possible - some insurers have a 24 hour helpline for policyholders to call if in need of advice;
• Carry out minor emergency repair works that will prevent further damage;
• Keep affected furniture until authorised to dispose of it by a loss adjuster;
• Keep all receipts;
• Move essentials and valuables (for example food, clothing and televisions) upstairs;
• Move furniture away from the walls;
• Claim for vehicle damage under their comprehensive car insurance policy.

The recent storms that have battered many parts of the country this month, have so far generated as many as 20,400 home insurance claims, a leading insurer claims.

Sainsbury’s Finance however warns that hundreds or thousands of other homes may have been damaged by the recent storms but are without insurance.  Indeed, its research reveals that 10% of adults are without contents insurance and 5% of those people who own a home do not have buildings cover.

Neil Laird, Home Insurance Manager, Sainsbury’s Finance said: "Bad weather is increasingly the culprit when it comes to damage to homes and really highlights the importance of having adequate cover in place.

“If you have been unlucky enough to have your home or car damaged by the storms, our advice is to contact your insurer now and not delay in submitting your claim so you can get back to normal as soon as possible.”

The days of long lunches and corporate hospitality may be long gone according to the results of a new snapshot survey of personal finance journalists’ health and wellbeing, which found more than a quarter (26 percent) of respondents have experienced high levels of stress.

The research was conducted via BUPA Positive Health, an online confidential health and wellbeing assessment designed to help employers track trends and monitor changes in the health of their employees.  Offered via industry portal headlinemoney.co.uk, the tool gave journalists access to a series of online health assessments focusing on the four areas of health and wellbeing known to have the greatest impact on performance at work – namely, nutrition, fitness, sleep and stress.

DIY enthusiasts could cause up to £25million worth of damage in British homes this Easter weekend - one of the most popular periods for taking on home improvements. Research suggests that a clumsy 16 per cent of people have damaged their homes or their property carrying out a DIY improvement and the industry expects to pay out anything up to £25 million for DIY-related damage this Easter.

A survey of 2,000 householders by Allianz Insurance also found that nearly 30 per cent of people admit they have injured themselves or someone else while carrying out a DIY job. This figure is supported by the fact that an estimated 200,000 DIY enthusiasts turn up at hospital each year.

Worryingly, 55 per cent admitted to starting a DIY job without the correct tools and almost 50 per cent said that they had started a DIY job without really knowing how to do it - including electrical and plumbing jobs.

One in four Britons do not have adequate home contents insurance, says Confused.com, the insurance price comparison site

This figure is particularly startling, given that most homes are veritable treasure troves full of valuables, such as flat screen televisions, personal computers, laptops, games consoles and jewellery, to name a few. Insuring home contents worth £40,000 can cost a mere £43.98 per year for a family of four, but the key is to shop around.

RIAS has teamed up with one of the UK’s premier wine merchants to offer anyone over 50, who completes an online RIAS home insurance quote, a very palatable £25 worth of top quality wine from Averys.

Homeowners interested in finding a great deal for their home insurance simply need to fill in and submit a RIAS home insurance quote form online to see how much they could save on their existing policy.  Once the quote is complete, enquirers will be invited to place an order for wine with Averys to automatically qualify for a generous discount of £25 on orders over £70.  That could be £70 worth of wine for £45, just for getting a RIAS home insurance quote!

As severe flood warnings are are put in place throughout the South West of England, research finds that nine out of ten homeowners wouldn't buy a property that's been previously flooded.

The survey by online insurer esure also revealed that Britons believe that spending on flood defences should be a top priority for the Government over the next 10 years - ahead of spending on national defence, town planning, and recycling initiatives or other green issues.

Petowners should watch out for dangers to their furry friends caused by motorists taking precautions against the cold weather. Exposure to antifreeze or  road salt could end up with your pet needing a trip to the vet, insurer Petplan warns.

Direct Line, one of the UK's leading home insurers, is adding Identity Fraud Assistance to its home insurance policy, at no extra charge to policy holders. The service will be available to all new and existing customers who purchase a Direct Line combined buildings and contents insurance policy.