ICSID Caseload Statistics 2024: Key trends and insights

On 14 February 2025, the International Centre for Settlement of Investment Disputes (ICSID) released its caseload statistics for the 2024 calendar year, available here. This blogpost examines the latest trends seen in the 2024 calendar year, as compared to previous years.

New cases registered: ISDS caseload is steady

In 2024 55 new cases were registered under ICSID's rules, similar to the 57 cases in 2023. This stability shows a continued interest in investor-state dispute settlement (ISDS), despite speculation that the decline in the registration of new cases in 2022 might indicate a downward trend. Additionally, 17 cases were registered under non-ICSID rules, including 14 arbitrations under the United Nations Commission on International Trade Law (UNCITRAL) rules.

52% of the 2024 ICSID cases were initiated under Bilateral Investment Treaties (BITs), an increase from 40% in 2023 but consistent with the historical average of 58%. The remaining 48% of new cases in 2024 were mainly initiated under multilateral treaties (29%) – in particular the Energy Charter Treaty (14%) – and contract (14%), aligning with previous years' statistics.

Oil & Gas and Mining remain key sectors for ISDS, with steep increase in 2024

In 2024, the oil, gas, and mining sectors made up 38% of new cases, a rise from 23% in 2023, showing the influence of geopolitical changes and environmental factors on foreign investor relations.

The electric power and energy sector accounted for 24%, doubling its share from 12% in 2023 and reclaiming its position as the second most significant economic sector in ICSID disputes.

Other sectors like insurance and pharmaceuticals represented 13% of new cases, surpassing transportation (11%) and construction (5%), which had 11%, 18%, and 18% respectively in 2023.

Regional diversity: NAFTA effect has passed, regional statistics back to usual

In recent ICSID case statistics, Eastern Europe and Central Asia accounted for 24% of new cases, resuming their position as the main geographical focus after a dip to 11% in 2023. Central America and the Caribbean, South America, and Sub-Saharan Africa each represented 16% of new cases. Central America's share decreased from 23% in 2023, though the decade shows a steady increase. South America's share remained stable. The 16% figure for Sub-Saharan Africa marks an increase from 12% in 2023 and 5% in 2022, consistent with political changes and resource exploitation.

Western Europe’s share stayed around 11-12% since 2022. The Middle East and North Africa saw a decline to 4% this year from 7% in 2023 and 14% in 2022. North America's share dropped to 9% in 2024 from 19% in 2023, aligning with historical levels (8%). No cases were initiated under NAFTA or its successor USMCA in 2024, contrasting with 2023 when they accounted for 15% of all new cases, likely due to the NAFTA sunset clause.

Case outcome: an ongoing trend

Decisions

In 2024, 78% of concluded cases were decided by a tribunal, an increase from 69% in 2023 and the average 66% of all concluded ICSID cases. This may suggest that parties to ISDS are finding it more challenging to navigate negotiated settlements in the current political and economic climate.

Outcomes have historically been fairly balanced between states and investors,  where 49% of all concluded cases upheld investors claims while 51% either rejected the claims or declined jurisdiction. However, both 2023 and 2024 showed a slight skew towards investors, with 53% of claims being upheld.. In 2024 tribunals ruled in favour of states on the merits in  30% of cases and 17% of tribunals declined jurisdiction.

Settlement

The number of settlements or discontinuations of cases continued to decline in 2024, accounting for 22% of cases, compared with 31% in 2023 and 51% in 2022.

Diversity of arbitrator appointments

Nationality

In 2024, ICSID recorded 45 different nationalities among the 228 arbitrators appointed on ICSID cases. Despite the majority being Western European (with the United Kingdom, United States, France and Canada being the most frequent nationalities), the number of South American nationals appointed continued to grow steadily, reaching 23% in 2024. However, the representation from low or middle-income economies remains low.

Gender

Gender diversity in arbitrator appointments decreased this year compared to 2023, with 75% of arbitrators appointed being men (compared to 68% in 2023) and 25% being women (compared to 32% in 2023).  This contrasts with 77% men and 23% women in 2022, and, historically, 84% men and 16% women since records began.

Despite initiatives to raise awareness and increase diversity, fewer women received party appointments as opposed to joint appointments or appointment by ICSID itself. In 2024 claimants appointed 10% of female arbitrators, while respondents appointed nearly 16% female arbitrators. In cases of joint appointment (34 cases in 2024), nearly 30% of arbitrators were women.

The ICSID, has followed trends from other international institutions and the arbitral community in recognizing the need for gender diversity. However, its 2024 institutional appointments (43% of ICSID-appointed arbitrators in 2024 being female) were less balanced than in 2023 (51% female).

First time appointees

It is noteworthy that only 10% of all appointments involved individuals appointed for the first time to an ICSID case. This statistic, introduced in the 2025 report, demonstrates ICSID's awareness of the need to refresh its pool of arbitrators and its willingness to address this issue. However, the low percentage also confirms that the same group of arbitrators continues to be nominated repeatedly.