NEW YORK, March 13, 2019 /PRNewswire/ -- The American Arbitration Association-International Centre for Dispute Resolution® (AAA-ICDR), the largest alternative dispute resolution institution, provided conflict management and dispute resolution services for 8,983 B2B cases involving $15.6 billion in total claims in 2018.
To view the AAA-ICDR's latest arbitration caseload, visit: http://go.adr.org/2018-b2b-statistics.
Out of the 8,983 cases arbitrated last year, the industries that experienced the most growth included food and beverage (88%), financial services (78%), chemicals (36%) and commercial insurance (33%). Financial services cases represented the largest share of claim awards, with a total of $2.8 billion, followed by technology ($1 billion) and steel/metals ($800 million).
"Businesses of all types are increasingly recognizing that arbitration is fair, efficient, and a cost-effective way to resolve disputes," said India Johnson, President and CEO of the AAA-ICDR. "As more businesses choose arbitration, we will continue to adhere to the highest standards with an ever-greater commitment to fostering diversity and transparency through our numerous and ongoing efforts."
The average claim for large business-to-business cases facilitated by the AAA-ICDR in 2018 was $8.9 million, with the average large-case counterclaim at $4.9 million.
The AAA-ICDR serves parties from more than 90 countries, offering access to a variety of experienced and respected independent arbitrators and mediators. This international presence, and the AAA-ICDR's broad array of scalable resources, enable the organization to resolve disputes quickly and cost effectively for large multinational corporations. As part of the AAA-ICDR's commitment to diversity, it continues to add diverse legal and business experts to its roster of arbitrators and mediators.
About the American Arbitration Association
The not-for-profit American Arbitration Association® (AAA®) is the leading provider of alternative dispute resolution (ADR) services for parties in commercial disputes, having administered approximately 5.6 million ADR cases since its founding in 1926. With 26 offices in the United States, in addition to Mexico, Singapore, and Bahrain, the AAA provides organizations of all sizes in virtually every industry with ADR services and products. For more information, visit www.adr.org.
About the International Centre for Dispute Resolution
As the international division of the American Arbitration Association (AAA), the International Centre for Dispute Resolution® (ICDR®) is the world's largest provider of arbitral and dispute resolution services. The ICDR provided dispute resolution services for 1,026 international cases filed in 2017. Established in 1996, the ICDR serves parties in more than 90 counties, with a staff fluent in over a dozen languages. Through more than 725 independent arbitrators and mediators, the ICDR provides a flexible, party-centered process over a broad range of industries and geopolitical issue. Its recently revised Rules have once again set a standard for arbitration case management. For more information, visit www.icdr.org.
SOURCE American Arbitration Association