The 2015 ICC statistics are in, and it’s looking better than ever for Singapore. In its latest report, the ICC has confirmed Singapore as the number one seat in Asia and the fourth most preferred seat globally for ICC arbitration.
The 2015 ICC Dispute Resolution Statistics have revealed that, in 2015, over 6% of all new ICC cases named Singapore as the seat of arbitration, upholding its ranking as the number one seat of ICC Arbitration in Asia. Whilst the number of Singapore parties remained constant over the last 12 months, the number of foreign parties choosing Singapore as a seat for arbitration continues to rise.
According to Abhinav Bhushan, ICC’s Regional Director for South Asia, “it is important to highlight that under ICC Rules of Arbitration, parties do not require any Singaporean connections to arbitration in Singapore. They also have the flexibility to choose an arbitrator of any nationality despite the seat of arbitration.”
The 2015 statistics at a glance
- Singapore has been the number one seat of ICC arbitration in Asia for five years running.
- Singapore is the fourth most preferred seat globally for ICC arbitration.
- In over 71% of all new Singapore seated arbitrations filed in 2015, one or more of the parties was not Singaporean, and in nearly half of these cases, a non-Singapore arbitrator was appointed.
- The ICC Court recorded the second highest number of new cases in its 93-year history, with 801 new cases filed.
- The average monetary value in dispute in new ICC cases also increased from US$63 million in 2014 to US$84 million in 20015.
The 2015 ICC Dispute Resolution Statistics not only indicate strong growth for the ICC but also confirm Singapore’s position as a leading Asia arbitration hub.