Nearly 520,000 claims disputes valued at more than $2.4 billion were resolved by arbitration in 2011—a new record, says Arbitration Forums Inc.
The nation's largest provider of inter-insurance dispute-resolution services says it is saving the industry more than $700 million in litigation costs annually.
"Companies are increasingly focused on controlling their expense dollars, and arbitration offers a proven, cost-effective way of generating those savings while enhancing customer service," W. Russ Smith, president and CEO of Arbitration Forums (AF), says in a statement.
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