The Singapore International Arbitration Centre (SIAC) on 6 March published the 2018 SIAC Annual Report. The statistics in the report show that Singapore and SIAC continue to make strong headway as the preferred seat and forum for resolving international high-value disputes. This trend is expected to continue because, armed with the 2016 SIAC Rules, parties to SIAC arbitrations have a greater assortment of tools at their disposal to ensure the advancement of arbitration in a fair, efficient, and cost-effective manner.
The report provides various statistics for cases filed in the preceding calendar year, including (i) the number of new cases filed; (ii) the total sum in dispute; (iii) the highest sum in dispute; (iv) the average sum in dispute; (v) the nationality of the parties; and (vi) the industry sectors of the parties.
- Number of new case filings: 402 (93% SIAC administered)
- Total sum in dispute for new case filings: $7.06 billion (9.65 billion Singapore dollars, or SGD).
- Average value for new case filings: $24.02 million (SGD 32.84 million)
- Average value of new SIAC-administered cases: $26.14 million (SGD 35.74 million)
- Top five foreign users of SIAC arbitration: United States, India, Malaysia, China, and Indonesia