British households could be set to face higher premiums for household and car insurance policies following the cold winter snap.
Figures from a report from the Association of British Insurers (ABI) have revealed that the coldest UK winter for more than 30 years contributed to £650 million being paid out in insurance claims.
Nick Starling, the ABI’s director of general insurance and health, said: "Insurers will always respond quickly to the large number of claims that often result from bad weather.
"From dealing with snow damaged roofs and burst pipes, to repairing or replacing vehicles damaged by treacherous driving conditions, insurers helped their customers get through the snow and the freezing temperatures."
While the assistance of insurance companies may have been welcomed, the payouts could result in higher premiums in the future for their customers.
This could come as bad news for those who are entering retirement and expecting to get by on a lower income.
Schemes such as equity release could help those who have invested in property by providing funds taken from the value of their assets to ease the burden of household bills.
