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The International Centre for Settlement of Investment Disputes ("ICSID") has recently published the first issue of its bi-annual caseload statistics for 2026. This issue presents key facts and figures relating to arbitrations registered or administered by ICSID up to 31 December 2025, updating the historical data that stretches back to 1972, when the first ICSID arbitration was registered. The principal highlights from this issue are set out below.
As of 31 December 2025, a total of 1,085 arbitration and conciliation cases had been registered under the ICSID Convention and Additional Facility Rules. 63 new cases were registered in 2025 — a notable uptick from 55 in 2024, 57 in 2023, and well above the recent low of 41 cases in 2022, which itself represented a sharp decline from 66 cases in 2021. The 2025 figure is the highest annual registration total in recent years and the second highest on record, with 2021 remaining the peak year (66 cases). Taken together, these figures point to a clear resurgence in ICSID arbitration activity following the marked contraction of 2022.
In addition to administering proceedings under the ICSID Rules, ICSID also provides administration services for proceedings conducted under other rules, ranging from limited logistical assistance to full secretariat support. In 2025, ICSID administered a further 14 non-ICSID cases, comprising 10 investor-State arbitrations under the UNCITRAL Rules and four cases conducted under other rules.
Bilateral investment treaties remained the predominant basis of consent in 2025, being invoked in 58% of newly registered cases — precisely mirroring the long-term historic average. Contracts accounted for 15% of cases registered in 2025, again consistent with the historic average. The Energy Charter Treaty ("ECT") and domestic investment laws each accounted for a smaller, though not insignificant, proportion of new cases — 5% and 6% respectively. The ECT’s share is notably lower than its historic average of 10%, a trend that likely reflects the continuing uncertainty surrounding the treaty’s future following the withdrawal of several states.
In 2025, investors were principally from Western Europe (44%) and North America (14%). Investors from the Middle East and Africa together accounted for 16% of claims brought in 2025, reflecting growing participation by investors from emerging markets.
The respondent states in cases registered in 2025 were concentrated in Africa (29%), South America (20%), and Eastern Europe and Central Asia (19%), with Central America and Caribbean states appearing as parties in 13% of cases. This represents a notable shift from the historical position, in which Eastern Europe and Central Asia accounted for the largest share of respondent states at 25% of all cases registered to date.
Oil, gas and mining dominated new case registrations in 2025, accounting for 45% of new cases. Of these, 15 concerned mining specifically, representing 24% of all cases newly registered in 2025. Construction was the second most active sector at 16%. Electric power and other energy accounted for only 6% of new cases — a striking contrast to their historic share of 17% across all registered cases. While this decline may in part reflect the conclusion of earlier energy disputes, continued levels of investment in the sector suggest that these figures are likely to rise in the coming years.
Of the cases concluded in 2025, 67% were decided by the tribunal and 33% were settled or otherwise discontinued — closely tracking the historical averages of 66% and 34%, respectively.
Of the cases that proceeded to a tribunal decision in 2025, 53% resulted in an award upholding claims in whole or in part, 31% in an award dismissing all claims, 11% in an award declining jurisdiction, and 5% in an award finding claims to be manifestly without legal merit.
On quantum, 60% of tribunal decisions in 2025 resulted in no damages being awarded — a category encompassing awards declining jurisdiction, dismissing all claims, or upholding liability but granting no monetary relief. Of the remaining awards, 14% fell within the USD 10–49 million, 9% each within the USD 0–10 million and USD 50–99 million, 6% within the USD 100–499 million range, and 3% within the USD 500–999 million range. These figures show that very large awards remain the exception rather than the norm in ICSID arbitration.
Of the 523 awards rendered under the ICSID Convention, only 26 had been annulled in whole or in part as of 31 December 2025 — 17 partially and nine in full. A further 119 annulment applications had been rejected and 48 annulment proceedings discontinued. These figures serve as a testament to the finality of ICSID awards and to the exceptional—and deliberately narrow—nature of the annulment mechanism.
Consistent with historic trends, Western Europe continued to account for the largest share of arbitrator appointments in 2025 at 38%, followed by South America (20%) and North America (17%). At the individual level, Canada, France, and the United States each contributed 14 appointments, topping the rankings for 2025. In the all-time standings, the United States leads with 356 appointments, followed by France (345) and the United Kingdom (302).
Women accounted for 30% of appointments in 2025 — a material improvement on the overall historical figure of 16%. 13% of the appointments in 2025 were first-time appointments; of those, 31% were women and 25% were nationals of low- or middle-income economies. These are encouraging signs of progress. Nevertheless, the cumulative historical figures make clear that sustained and concerted efforts by parties, institutions and practitioners alike will remain essential if diversity is to become an enduring feature of international arbitration.
9 March 2026