Imagine the same statement being made about medical malpractice.
At the end of the day, I'm OK with "random" juries making these decisions. There is quite a bit of apparatus in place to prevent major error, and the law can always be changed (obviously it's not easy to do so, but it's possbile) in response to an undesirable decision.
Arbitration is terrible. Arbitrators have a huge incentive to be biased in favor of the party that will bring them repeat business (the insurance company). Arbitration vastly prejudices the little guy in these disputes.
At the end of the day, I'm OK with "random" juries making these decisions. There is quite a bit of apparatus in place to prevent major error, and the law can always be changed (obviously it's not easy to do so, but it's possbile) in response to an undesirable decision.