According to the latest Queen Mary University of London International Arbitration Survey released on 9 May, the Singapore International Arbitration Centre is the most preferred arbitral institution in Asia, and ranks third of the top five arbitral institutions in the world. In addition, Singapore was ranked as the most preferred seat in Asia. These rankings show that Singapore and SIAC continue to make strong headway as preferred venues for resolving international disputes—a trend that is expected to continue.
The results of the survey are supported by statistics published in the 2017 SIAC Annual Report. The Annual Report provides various statistics for cases filed in the preceding calendar year, including the number of new cases filed; total, highest, and average sum in dispute; and nationality and industry sectors of the parties.
Published on 7 March 2018, the 2017 Annual Report reported the following:
- Number of new case filings: 452 (93% SIAC administered), the highest since SIAC was established in 1991, which represents a 32% increase from 2016 (343 cases) and a 67% increase from 2015 (271 cases)
- Total quantum in dispute for new case filings: $4.07 billion (SGD 5.44 billion)
- Average value for new case filings: $14.47 million (SGD 19.34 million)
- Average value of new SIAC-administered cases: $15.82 million (SGD 21.14 million)
- Top five non-Singapore users of SIAC arbitration: India, China, Switzerland, United States, Germany
Utilisation of SIAC Procedures
Early Dismissal Procedure
After having introduced an early dismissal procedure in the SIAC Rules 2016, in 2017, SIAC received five early dismissal applications. As of 31 December 2017, four applications were allowed to proceed, with one application pending.
In 2017, SIAC received 107 applications for the arbitration to be conducted in accordance with its expedited procedure, of which 51% were accepted. The 107 applications received in 2017 represent a 52% increase from the 70 applications received in 2016, of which 40% were accepted.
Appointment of Emergency Arbitrator
In 2017, SIAC received and accepted 19 applications for emergency arbitrator. This represents a significant increase from the six emergency arbitrator applications received and accepted in 2016.
Comparison of Key Statistics by Year
The information published in the SIAC annual reports (2014–2017) is summarised below:
Number and Value of New Case Filings (US dollars)
Nationality of Parties
The published statistics and the Queen Mary University of London International Arbitration Survey rankings show that Singapore and SIAC continue to make strong headway as the preferred seat and forum for resolving international disputes. This trend is expected to continue as, armed with the SIAC Rules 2016, parties to SIAC arbitrations have a greater assortment of tools at their disposal to ensure the advancement of arbitrations in a fair, efficient, and cost-effective manner.