Aon plc (NYSE: AON) reported that its clients recovered more than $3 billion globally through transaction liability insurance claims, according to the company's 2026 Global M&A and Transaction Solutions Claims Study.

The study analyzed data from nearly 2,000 claims across representations and warranties, warranty and indemnity, tax and contingent risk insurance products. North American clients secured more than $1 billion across transaction solutions policies in 2025, including more than $440 million from representations and warranties insurance.

Median representations and warranties claim payments reached $8.2 million in 2025, compared to $5.5 million in 2024. Claims exceeding $100 million represented approximately 4% of total claims, while claims based on valuation multiples accounted for 68% of total paid losses in 2025.

Claims notifications increased in Europe, Middle East and Africa from 70 in 2024 to 119 in 2025. The notification rate reached 21% of policies placed across the market in 2023, with 9.5% of Aon-placed policies receiving notifications by December 31, 2025.

In North America, compliance with laws remained the most frequent breach type, accounting for more than 20% of notifications. Financial statement breaches represented 38% of total losses, while intellectual property-related claims increased from approximately 5% of losses between 2019-2024 to roughly 10% in 2025.

Fifty-one percent of claims in North America were filed more than 12 months after deal closing. Eight-figure claims represented approximately 41% of North American payments in 2025, compared to 27% in 2024.

"The global claims environment is evolving rapidly, as rising claim frequency, increasing severity and shifting notification patterns impact the M&A insurance landscape," said Stephen Davidson, Global Head of Transaction Solutions Claims for Aon.

Tax insurance generated more than $350 million in recoveries for North American clients through negotiated resolutions with tax authorities, according to the study.