SME Experts: Fleet Insights with a Senior Fleet Underwriter
By Paul, Senior Fleet Underwriter for the Midlands, North and Scotland within Covéa Insurance's Mid Market Commercial team.
This month, as part of our SME Experts series, we sat down with Paul, Senior Fleet Underwriter for the Midlands, North and Scotland, to get his take on the fleet market. From the shifting dynamics of capacity and pricing to the evolving world of electric vehicle fleets, Paul shares the insight brokers need to navigate fleet business with confidence.
What's the biggest market change you've seen in fleet over the last year or so?
Profitability in fleet through 2025 has driven increased capacity for 2026, leading to the softest market we've seen in over a decade. That said, it won't last - early financial reports already show insurer motor accounts running above 100%, so an account correction is inevitable at some point next year. We're also seeing significantly higher levels of re-marketing, as brokers look to attack competitors' business or defend their own clients. Online capacity has made it quicker and easier than ever to market smaller risks, and the traditional view that seeing three insurers in three years looks unattractive really isn't much of a consideration anymore.
What does a really good fleet presentation from a broker look like?
The best submissions give me an accurate vehicle list with registrations, makes, models and GVW for commercial vehicles, alongside at least three years of confirmed claims experience - five if it's available. I want to see a detailed insurer-issued claims listing with narrative behind any losses, plus details of risk management such as telematics, dash cams, Disklok devices, a named fleet manager, driver handbooks and driver profiles. It also really helps to understand the reason for marketing and the relationship with the client, along with the target or expiring premium.
We've always written EVs, but how has your view of electric vehicle fleets changed as the market has evolved?
It's still moving fast, to be honest. New manufacturers keep launching models and taking on the big established brands, and that brings its own headaches - with so many new entrants, parts can be hard to get hold of at claim time, so credit hire costs creep up. Then there's depreciation. It's brutal in that first year, and most composite insurers offer new-for-old cover, so a total loss early on really stings. The one that keeps me up at night is young or inexperienced drivers in these quick, high-torque EVs - they're often sat in lower ABI groups, so you wouldn't normally think to restrict them, but the claims data on young drivers in EVs just isn't mature yet. So getting the rate and terms right matters more than ever.
Why should a broker place fleet business with Covéa?
Honestly, it comes down to being backed by a genuinely strong parent company - we've got an AA+ credit rating, so brokers know we're not going anywhere. Beyond that, you're dealing with underwriters who actually know their patch, consistent pricing, and an appetite that doesn't shift with the wind. I can chat things through and negotiate at every stage - new business, MTAs, renewal - and on the bigger cases we'll sit down with a broker and work out a proper strategy to win the business together, exclusives included. We also keep it simple with one quote to market rather than flooding the same risk everywhere, and if it comes to a claim, brokers know they're getting a UK-based team and a solid network of approved repairers behind them.
With so many online fleet offerings available, why do you think you're still winning regionally underwritten new business?
Ultimately, it comes down to brokers being able to pick up the phone and talk to me. We have the expertise to consider risks and vehicles that online platforms simply can't accept, including larger fleets of up to 25 vehicles, which brokers generally prefer to trade and administer with that personal touch. For more complex cases, it's that discussion and shared understanding between broker and underwriter that makes the difference - something no algorithm can replicate.
