The Insurance and Reinsurance Arbitration Society was established in 1991, as a non-profit making Society with the support of over 20 founding members comprising law and accounting firms. The Society has been established under the aegis of AIDA (Association Internationale de Droit des Assurances) and is one of the two UK-based Chapters of AIDA (the other being the British Insurance Law Association).

The Insurance and Reinsurance Arbitration Society acts, where required, as an appointer of an arbitrator or umpire (it is usual now for the institutions of Lloyd's, IUA and the ABI, often named as the appointing power in older reinsurance contracts, to consult with ARIAS (UK)). The Society has also made representations on behalf of the insurance markets on matters relating to arbitration and dispute resolution.