- 3
Insurance: Diot-Siaci is looking ahead and thinking big
Marine & Cargo insurance brokerage firm Diot-Siaci is at Euronaval for the second time. The growing USV market is one area the company is particularly interested in, and this year’s event features 59 USV-related exhibitors, up from 17 two years ago.
© Diot-Siaci
Third-party maritime liability insurance for uncrewed and autonomous vessels has been required by French law since 2021. This new legal framework has dramatically changed the way the industry looks at risk. Suppliers, distributors, and users have been working to analyse their risks and place them on the insurance market.
Diot-Siaci, a leading Maritime & Cargo insurance brokerage firm will continue to support its customers in this changing landscape by maintaining a strong focus on innovation. Some risks traditionally covered under standard P&I (Protection & Indemnity) policies can now be covered as ‘damage’ under H&M (Hull & Machinery) policies on the asset itself.
When physical damage – rather than liability – is covered, the way claims are handled changes for both the broker and the policyholder. “The immediate priority has shifted away from investigating and assigning responsibility for damage. If an insured asset is damaged, the damage is estimated and the claim is settled. For our customers, this means much less time spent following up on their claims. The issue of liability is addressed later in the legal process – but the policyholder no longer has to wait for the outcome for the claim to be settled,” said broker Clément Le Forestier. “This type of insurance is effective in cases where asset availability is an issue. Take the French Navy, for example, which must maintain operational readiness at all times. The right insurance can help ensure that a USV isn’t out of service for too long while the different parties’ experts try to establish liability. Settling a claim quickly means that repairs can be made and the asset can be back in service,” Le Forestier said.
Packaged policies covering the entire USV lifespan
In addition to providing P&I and H&M cover, Diot-Siaci also prides itself on making it easy for customers to protect their assets. “We like to provide simple, effective, comprehensive cover to support USV operators across all USV-related risks. And, to make things as simple as possible, we offer packaged policies that cover the entire USV lifespan,” said Le Forestier. From the factory door to the final destination – even internationally – all risks are insured. Any damage that occurs during pool or sea trials, for example, is covered. Cover also extends to USVs in storage on land or on board any other vessel and to accidents during commercial operation at sea.
The fast-paced USV market counts a significant number of small and medium-sized companies. While most smaller organisations are aware of their obligations when it comes to insurance, many put it off until later due to cost concerns or a lack of knowledge of the wide range of solutions Diot-Siaci can provide for them. As more jurisdictions make USV insurance a legal requirement, the overall impact should be positive. A larger number of policies and better-controlled claims rates should ultimately lower the cost of these custom insurance policies.
“This is still a niche market,” said Clément Le Forestier. “However, as a leading Marine & Cargo brokerage with 450 employees in France and beyond, we are in an excellent position. We have all the know-how and experience we need in-house to continue to innovate, develop new products, and bring new insurers on board.” As a brokerage firm, Diot-Siaci points insurers toward new risks. On the policyholder side, the brokerage firm customises each policy’s deductible, insured value, and coverage to meet the policyholder’s needs and budget.
On track to become the number one brokerage in the Global South
Diot-Siaci is a major stakeholder in the growing Marine & Cargo insurance market. “We are the leading brokerage in Europe by revenue, third in the world in Marine & Cargo, and the leading insurer outside the US and the UK,” said Clément Le Forestier. Diot-Siaci has an office in the UK and has been operating in the Lloyd’s marketplace since 2024 to better compete with the big US and UK brokerage firms. In France, Diot-Siaci operates out of branch offices like the one in Nantes.
Today, Diot-Siaci earns 70% of its revenue in France and 30% internationally. The brokerage has set the ambitious target of reversing those two figures by 2030 as it expands its international footprint and establishes a position as the number one insurance brokerage in the Global South. This includes European countries like Poland, as well as the Middle East, Africa, and India. According to Clément Le Forester, “Part of our strategy is to make targeted acquisitions of local brokers, the fastest way to reach our objectives.”
- Aude Leroy
