2025年全球交易风险保险理赔报告

52024:Asignificantyearfortransactional risk claims 7North America 17Europe Foreword The transactional risk insurance market has gone through a transformation in 2024. As outlined inMarsh’sGlobal transactional risks insurance claims report 2025,lastyearwascharacterizedbyanotable Drawing on insights from our dedicated claims specialists across North America, Europe, the UK,andAsiaPacific,thereportoffersadata-drivenviewoftheevolvingnatureofclaims.Weexploretheglobalriseinclaimseverityandtheshifttowardearliernotificationsinmanyregionsanddiscusswhy As the transactional risk landscape continues to evolve, this report aims to help dealmakers,underwriters,andadvisorsunderstandemergingtrends,manageriskmoreeffectively,andprepare Thankyouforyourinterestinourreport.Wehopetheinsightssharedheresupportyoureffortstonavigateanincreasinglycomplextransactionalriskenvironmentwithgreaterclarityandconfidence. Craig SchioppoGlobal Transactional Risk Leader Global snapshot TotalpaymentsfrominsurerstoMarshclientsundertransactionalriskpoliciesin2024exceededUS$300millionforthesecondyearrunning,withoverUS$1.4billionnetofretentionpaidto •Allregionssawincreasesinclaimsnotifications,withtheUKrecordinganotable70%increaseinclaimnotificationscomparedtothepreviousyear.•Insuredsreportedclaimsearlierinthepolicyterminallregions,savefortheUK,withthemajorityofnotificationsmadeinthefirst18monthsafterpolicyinception. 2024: A significant year for Againstthisbackdrop,paymentsreceivedbyMarshclientson transactional risk insurance policies continued tosignificantlyincreaseyear-on-year,withinsurerspayingmorethanUS$380milliontoMarshclients(seeFigure1). From aregionalperspective,largepaymentsexceedingUS$10million Thevolumeandcomplexityofclaimscontinued to increase around theworldin2024.Macro-economicfactorsandgeopoliticaluncertaintyaffectedmergersandacquisitions(M&A)activityinallregions.Investors Similarly,notificationsincreasedin2024acrossallregions(see Figure 2),withaglobaltotalofjustunder500notificationsregistered with insurers. While North America accountedforaroundtwo-thirdsofthattotal,allregionsexperienced Tax breaches were among the highest drivers of claimnotificationsoninsuredtransactionsglobally(see Figure 3). However,theyaccountedforonly2%ofallpaymentsmadeontransactional risks policies in 2024, suggesting that despite theleveloffrequency,tax-relatedlossesmaynotbeasseverein Ontheotherhand,financialstatementsbreachesincreasedinfrequencyacrossallregionsandaccountedforhalfofallpaymentsforMarshclientsin2024.Lossesforfinancialstatementsbreachestendtobemoreseverethanothertypes Theincreasingfrequencyandseverityofclaims,togetherwithlowerretentionlevels,mayleadtochangesinhowinsurersunderwriteandpricetransactionalriskpolicies.Insurershaveexpressedconcernsaboutratesustainabilityinlightofincreasedclaimsvolumeandpaymentsamiddecreasingpremium rates. As insureds become more familiar with TheGlobal transactional risk insurance claims report 2025revealsadynamicandevolvingclaimsenvironment,characterizedbysignificantgrowthinnotificationsandpayments,shiftingbreachtypes,andchangingpatternsinthetimingofclaims.Aswe North 05|Claims by year of notification Claims volume continues In2024,thevolumeofclaimsonMarsh-placedpoliciesincreasedby24%comparedto2023,with317claimsreportedon169transactions,bothofwhicharerecordhighs(seeFigure5),despiteslowerM&Aactivityandfewerinsured deals in2022 and 2023. As the number of insured Claim rates are rising Priorto2020,approximatelyoneinfivedealsresultedinaclaim; however, the claim rate decreased to about one in sixstartingin2020.Theclaimratehitalowin2021,withonly15%ofdealsreportingaclaim(seeFigure6)despite thefrenziedpaceofM&Aactivitythatyear.Notethatthepolicy 06|Percentage of insured dealswith a claim Incontrast,wehaveobservedanincreaseintheclaimrateformore recent deals, with rates for 2023 and 2024 deals trendingsignificantlyhigherthanthehistoricalaverage.Infact,theclaimratefor2023dealshasalreadysurpassedthatof2022deals, despite less time having elapsed for insureds to discover Claim notifications madesooner after closing Starting in 2022, we observed an emerging trend of longerperiodsbetweenclosingandclaimsnotification,withnearly70%ofclaimsin2023reportedmorethan12monthspost-closing.Thattrendcontinuedintothefirsthalfof2024,with Still,asignificantpercentageofclaimstendtoariseaftertheone-yearperiodfortraditionalsellerindemnitieshasexpired, and R&W policies provide insureds an extendedopportunitytorecovertheirlosses.In2024,insurerspaid Growth in financialstatements breaches Financialstatementbreachesremainedthemostcommontypeofbreachandhaveconsistentlybeenoneofthetoptwobreachtypeseveryyear.In2024,werecordedthelargestshareoffinancialstatementsbreaches,at33%(seeFigure8), comparedto23%in2023.Historically,thesebreacheshavebeenthe Forthesecondconsecutiveyear,complianceandtaxbreachesrounded out the top three breach categories. Although taxbreachesconsistentlyrankamongthetopbreachtypes,theyhavenotbeenasignificantdri