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The financial comparison website claimed that the new measures proposed by equality minister Harriet Harman last week would force insurance companies to restructure the way they offer policies and increase premiums for those currently considered low risk.

This is because, under the proposals, insurers would no longer be able to differentiate between different types of customers.

James Caldwell, director at Fairinvestment.co.uk, said, for example: "[Insurance companies] will no longer be able to impose an upper limit when it comes to life and travel insurance, despite there being more risk associated with older consumers."

He added: "If the legislation comes into effect, consumers who are classed as low risk by insurance companies will find themselves hit by increased bills as a result.

"Insurance companies will be forced to pass the extra cost onto consumers."