I doubt you'll have any issue with a genuine Volvo water pump. There is nothing to say it is exactly the same as originally fitted, but if it was in any way substandard it would be common knowledge by now. I don't think Volvo or any of the other established brands supply separate parts for the aftermarket - they have a reputation to maintain to justify the higher price.
Regarding the claim issue, unless it can be determined why it failed (part quality; installed incorrectly,; some other part on your car caused it to fail...) I don't think you can move forwards. But if it can be determined it is Volvo's fault, perhaps it could be argued that it's reasonable to expect the part or workmanship to fail after a year (or whatever is in the warranty) but not that it would ultimately cost you anything more than the cost of that part or workmanship, which in this case it has significantly.
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