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Fit for purpose?

Financial Regulation International

Fit for purpose?

Arbitrating disputes in the commercial insurance sector

Recent statistics show that arbitration still remains a popular forum for resolving disputes in the commercial insurance sector. In its 2021 Annual Casework Report, the London Court of International Arbitration (LCIA) - one of the leading arbitration institutions based in the UK - recorded insurance disputes as accounting for 2 per cent of all claims registered (the same as the previous year - though this low figure may reflect the fact that many insurance arbitrations are conducted under the ARIAS Arbitration rules). The sector that makes up the highest proportion of the LCIA's caseload is banking and finance (with 25 per cent). Cross the Atlantic and the figures published by the International Centre for Dispute Resolution, the International Division of the American Arbitration Association (AAA) highlights that in 2021 the energy sector had the largest claim amount at $498 million, followed by the technology sector and the commercial insurance sector both with claims at $400 million each.

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