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Increased mediation trend seen in disputes
20 July 2010
In an era of increasingly frequent, costly and uncertain litigation in the insurance and reinsurance industry, mediation offers a relatively inexpensive way for parties to resolve disputes, according to Katherine Billingham and Peter Scarpato, the CEO and president respectively of the Re/insurance Mediation Institute.
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Re/insurance Mediation Institute
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In an era of increasingly frequent, costly and uncertain litigation in the insurance and reinsurance industry, mediation offers a relatively inexpensive way for parties to resolve disputes, according to Katherine Billingham and Peter Scarpato, the CEO and president respectively of the Re/insurance Mediation Institute (ReMedi).
According to Billingham and Scarpato, the number of legal disputes resolved by trial and arbitration has declined over the past 30 years. In comparison, the use of mediation has grown exponentially and now nearly 90% of Fortune 5000 companies use mediation.
Mediation is facilitated negotiation. The...
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