The Singapore International Arbitration Centre (SIAC) has reported a record year in 2012, with 235 new case filings, a 25% increase on 2011. By this measure, SIAC is now the world's second largest international arbitration centre, behind the International Chamber of Commerce (ICC). Prior to 2008, SIAC had never received more than 100 filings in a year but its filings have been on an upward trajectory ever since.

The total value of disputes referred to SIAC also increased to S$3.61 billion (from S$1.3 billion in 2011), S$1.5 billion of which represented the biggest claim ever handled by the centre. Even discounting that single claim, the average sum in dispute was S$9.01 million, a 28% increase from 2011.

The disputes also had a truly international flavour, involving parties from 39 different jurisdictions. Unsurprisingly, many parties were from southern or south eastern Asia, consistent with the perception of Singapore as an arbitration hub for this region: most parties involved came from Singapore, then China (second), India (third) and Indonesia (fifth). More surprisingly, the fourth highest number of parties came from the US.

The majority of cases filed in 2012 concerned trade disputes (78 cases), the remainder relating to a range of industry sectors, including infrastructure, finance, energy, insurance, shipping and IT.

Interestingly, the statistics also illustrate that 73% of cases filed in 2012 arose from arbitration clauses signed between 2009 and 2012, suggesting that disputes are arising relatively soon after contracts are concluded.

There are multiple reasons for SIAC's increasing popularity, including Singapore's modern arbitration laws, its arbitration-friendly courts and its first-class infrastructure. SIAC has also successfully updated and promoted the SIAC Arbitration Rules.