Two of Britain's leading insurers have said the cost of household insurance will rise as a result of catastrophic flooding

Two of Britain’s biggest insurers have said they will put up household premiums by an average of 10% after severe flooding, reported The Times.

According to the newspaper, Norwich Union will bring in the price rises on Monday and LloydsTSB said it expected to increase premiums by about 10%.

The price rises will affect new customers and those seeking to renew their policies.