Fleet insurance rates have eased across much of the UK market, but not for every risk, and not for long. Labour and parts costs continue to rise. Legal expenses show no signs of abating. And some composite insurers are quietly withdrawing from less profitable sectors.
“We’ve actually seen fleet premiums drop over the last six to nine months,” said Malcolm Jeremiah (pictured), sales and client account director at independent broker FR Ball. “But behind that, you’re still seeing rising claims costs, and fewer insurers willing to take certain trades.”
A former commercial underwriter turned broker, Jeremiah has spent over two decades in the industry. FR Ball, where Jeremiah now oversees commercial and sales activity, has broadened its presence in recent years through a mix of organic growth and regional acquisitions, reflecting a wider trend among mid-sized independents consolidating their market position.
In the current market, placement depends less on price than on appetite. “We’ve seen some carriers just not inviting renewal,” Jeremiah said. “Fleet’s not making money for them, especially on the composite side.”
This kind of multi-channel approach is becoming more common as some carriers tighten their terms or withdraw from particular trades.
Even when premiums fall, claim trends continue to pressure margins. Jeremiah points to slow settlement cycles and inflated reserves as a hidden drag on client renewals.
“You’ll see claims still open from two or three years ago, and they’re sitting there inflating the loss ratio,” he said. “It’s a real challenge – are insurers under-resourced, or is it something else?”
At the same time, legal costs and parts pricing remain stubbornly high. Those inflationary factors, Jeremiah warns, may yet reverse the current softening in premiums.
Telematics has become central to claims defence. Jeremiah encourages fleet clients to install devices, especially for scenarios lacking independent witnesses.
“If liability is disputed, telematics can mean a faster settlement and less operational downtime,” he said. “It’s one of the first things we ask about.”
AI tools are also beginning to influence fraud detection and underwriting models, though adoption is still uneven across the market.
Beyond road risk, fleet operators now face growing cyber exposure. From phishing emails to impersonation of senior execs, Jeremiah sees digital threats disrupting supply chains and logistics.
As a result, brokers are being drawn into deeper advisory roles, supporting clients with driver vetting, maintenance planning, and cyber awareness. “Insurance is only one piece,” Jeremiah said. “Clients need to understand what else they can do to avoid disruption.”
As insurers shift their appetites and claims grow more complex, brokers face a tougher task at renewal. Jeremiah highlights the importance of regular claims reviews, reserve monitoring, and mid-term client touchpoints to maintain premium competitiveness.
“We still believe in holding the client’s hand at every step,” he said. “That’s what helps us negotiate a better outcome at renewal.”
Where the market goes from here remains an open question. Whether rates harden again – or remain flat amid rising costs – may depend on how brokers, carriers and clients adapt to the ongoing friction between underwriting appetite and claims reality.
