ICC reports record-breaking arbitration caseload value in 2024

In 2024, the ICC’s Court of Arbitration registered 841 cases, according to its annual report. The aggregate amount for disputes in new arbitration cases hit US$102 billion and the total caseload value at the year-end reached a record-setting US$354 billion.

According to the report, in 2024 the average amount in dispute was US$130 million in new cases and US$211 million in cases still pending at the year-end. Although the total number of cases was slightly lower than the 890 registered in 2023, it still represented one of the best years in the ICC’s history. The arbitral institution has now heard more 29,000 cases under the ICC Arbitration Rules since its inception in 1923.

Reflecting the extensive global reach of the institution, cross-border disputes constituted 69% of the total caseload, while half (50%) of newly registered cases involved parties from the same region, and a third (31%) involved parties of the same nationality.

Of the 2,392 parties in cases registered in 2024, 136 came from countries or independent territories. As in previous years, European parties represented close to 40% of the total parties registered, while 9% came from countries in the Middle East.

Alexander Fessas, secretary general of the ICC International Court of Arbitration, said the report pointed to the ICC’s extensive global reach and enduring ability to attract “high-value, high-impact disputes as well as lower-value disputes”. He added: “The 2024 statistical report reflects the trust placed in our services, from businesses and states in need of fair, efficient and forward-looking dispute resolution.”

In 2024, 19% of new cases involved a state or state entity as a party. In total 45 states and 143 state-owned parties were involved from all regions of the world. One new case was filed under the Arbitration Rules pursuant to a bilateral investment treaty (BIT). This was the 48^th investor-state dispute administered under the Arbitration Rules since 1996, when the first BIT case was registered. To date, the ICC has also acted as an appointing authority in 16 BIT ad hoc arbitrations.

The ICC says arbitrations were seated in 107 cities across 62 countries or independent territories in 2024. The UK, France and Switzerland were the most frequently selected places of arbitration, presiding over 96 cases, 91 cases and 83 cases, respectively.

In 95% of all cases registered in 2024, choice-of-law clauses were included in contractual provisions spanning the laws of 108 nations, states, provinces and territories. English law remained the preferred ‘lex contractus’, with 125 cases – 15% of new cases – followed by 69 under laws of US states; 60 under Swiss law, 44 under Brazilian law, and 42 under French law.

Disputes in the construction, engineering and energy sectors continued to generate the largest volume of arbitration cases at the ICC, representing 44% of all new cases registered. The other most frequent types of arbitration claims stemmed from disputes over purchase and sale, share purchase or transfer and shareholder agreements, distribution and franchising and joint venture, consortium or partnerships contracts in the transportation, finance and insurance, telecoms, pharmaceutical, business, leisure and entertainment and related industries.

The institution also reached several significant gender diversity milestones in 2024. Out of all the appointments made by the ICC Court – either directly or upon the proposal of an ICC national committee or group – 181 or 46% were of women arbitrators, up from 41% in 2023 and 42% in 2022.

The total number of women confirmed or appointed as arbitrators rose to 290 from 63 jurisdictions, compared with 269 from 66 jurisdictions in 2023. Since 2020, the proportion of women in the role of sole arbitrator has increased from 36% to 43%, and the proportion of women in the role of president has increased from 27% to 36%. Of those confirmed or appointed as co-arbitrators, 20% have also been women,

In 2024, the court approved 577 draft awards. Of these, 413 were final awards, 112 partial awards and 52 awards by consent. An additional 71 draft awards were returned to the arbitral tribunal for further consideration before final approval by the court. 152 cases were newly-administered under the ICC Expedited Procedure Provisions – Article 30 and Appendix VI of the Arbitration Rules – collectively referred to as the EPP, a procedure introduced in 2017 to reduce the time and cost on low-value disputes.

The average duration for final awards was 26 months, including where the proceedings were suspended by party agreement for any length of time. This was a slight improvement on 2023, where the average duration was 27 months. In 2024, 391 cases were withdrawn before a final award was rendered. 92% of these followed the parties’ joint request or a request by one party with no objection from the rest of the parties, but 8% of withdrawals followed a lack of payment.