World markets saw a turnaround in fortunes today after better-than-expected jobs data from the United States calmed nerves about the global economy.

Car insurer Admiral posted record profits today after “a high adrenaline combination” of rapid growth in the number of vehicles on its books and “dramatic” price hikes.

British motor insurer Admiral today said £4.5m (€5m) of shares will be distributed to staff after the company increased profits 11% to £202.5m (€226.6m) in 2008.

British motorists could have to get used to higher car insurance premiums, the owner of Elephant.co.uk and Diamond said today.

UK car insurer Admiral today warned of higher rates in 2005 as it attempts to ride out expectations of a deterioration in industry profitability.