Skip to main content


Global Transactional Risk Insurance Claims Report 2024

The Global Transactional Risk Insurance Claims Report 2024 focuses on claims made against representations and warranties (R&W) policies — also known as warranty and indemnity (W&I) policies — reported and paid in 2023. This year's report highlights the ongoing evolution of the claims landscape and provides valuable insights into the trends and developments in the transactional risk insurance market.

Transactional risk claims reached new heights in 2023, both in number and in terms of aggregate claim payments. At the same time, the profile of claims under representations and warranties (R&W) policies, also known as warranty and indemnity (W&I) in certain regions, is evolving as the product matures.

The changing profile and size of R&W claims is bringing new uncertainties to the transactional risk insurance market. Yet, while demand for transactional risk insurance and prolific underwriting continues, the full impact of those claims may not be realized for a few years.

The Global Transactional Risk Insurance Claims Report 2024 uses Marsh’s comprehensive set of claims data to review trends over the course of 2023 and shed light on the ongoing evolution of the claims landscape, the effect of the macroeconomic and mergers and acquisitions (M&A) environment on claims, and the impact of claims outcomes on placement of transactional risk insurance. We also examine how greater numbers of claims and lower retentions, coupled with broader coverage, might impact the claim process and, accordingly, how claims handling should evolve and become more innovative to meet client needs.

Global snapshot

The total amount paid by insurers to Marsh clients under transactional risk policies since 2018 surpassed US$1 billion net of retention, with over US$300 million received in 2023 alone. Other findings from our clients include:

  • Increase in both frequency and severity of R&W claims globally, with some claims receiving payments in the hundreds of millions of dollars.
  • Historic peak in the number of claim notifications in 2023, with a 17% increase from the previous year and a 41% increase from 2021.
  • Top breach types notified in 2023 were tax, financial statements, and compliance, with tax and financial statements breaches each comprising 20% of all claims notified.
  • Payments made by insurers in 2023 were disproportionately comprised of breaches of financial statements warranties — 45% of total payments. Tax breaches, on the other hand, only comprised 2% of payments made.
  • Time from policy inception to claim notification is getting longer, with notifications made after the 18-month point from policy inception on the rise.

North America snapshot

The volume of claims on Marsh’s placed policies increased significantly in North America in 2023, with 252 claims reported on 144 transactions, compared to 186 claims on 121 transactions in 2022. The surge in claims was not surprising considering the significant increase in the number of policies placed by Marsh’s transactional risk team in 2021. While a surge might have been expected earlier, the rise in claims volume in 2023 aligns with the trend of extended timing between deal closings and claim notifications. 


The EMEA region saw a 9% drop in claim notification levels in 2023, compared to the previous year.  While 2022 represented a record year for notifications, claim notifications in 2023 were nevertheless as high as the previous peak in 2019, and far surpassed levels for 2020 and 2021. While Continental Europe saw notifications evenly distributed throughout the year, more than half of notifications in the UK were made in the first quarter of 2023, followed by a slowdown in the second half of the year, in line with the general slowing of M&A activity. 

Asia Pacific

Transactional risk claims activity trends in 2023 closely mirrored those of previous years. We continued to observe a clear correlation between the transactions conducted in the region and a gradual increase in the number of reported claims throughout the year. We have also seen a number of payments on Pacific deals in 2023, with approximately US$10 million being paid on W&I claims in the sub-region last year. These factors show that the transactional risk market in the region is stabilizing, which is also reflected through more sophisticated clients who understand the importance of claims in two ways. 

Our people

Placeholder Image

Craig Schioppo

Global Head, Transactional Risk

  • United States

Elizabeth Shaw

Elizabeth Shaw

Head of Transactional Risk Claims, UK

  • United Kingdom

Kane Sim

Kane Sim

Chief Client Officer, PEMA, Pacific

  • Australia

Marnix Terpstra

Marnix Terpstra

Head of Transactional Risk Claims, Europe

  • Netherlands

Pin Li Lim

Pin Li Lim

Head of Transactional Risk Claims, Asia

  • Singapore

Steven Hong

Steven Hong

Head of Transactional Risk Claims, North America

  • United States