ICSID Caseload Statistics 2026: Key trends and insights

On 14 August 2026, the International Centre for Settlement of Investment Disputes (ICSID) published its Caseload Statistics for the 2026 Fiscal Year (1 July 2025 to 30 June 2026) (FY 2026). This blog post analyses the key trends and insights presented in the report as compared to last year's statistics for the same period.

ICSID administered cases peak, contract-based claims plunge

During FY 2026, ICSID administered 363 cases – the highest number of cases in a fiscal year in its history. In addition, the Centre provided services for 15 cases under non-ICSID rules, including 12 cases under the UNCITRAL (United Nations Commission on International Trade Law) Arbitration Rules.

As of 30 June 2026, ICSID had registered a total of 1,118 arbitration and conciliation cases under the ICSID Convention and Additional Facility Rules, including 60 new cases in FY 2026. This represents a slight decrease from the 67 new cases registered in its Caseload Statistics for the 2025 Fiscal Year (1 July 2024 to 30 June 2025) (FY 2025), though the total number of administered cases reached a record high.

In terms of the basis of consent invoked to establish ICSID jurisdiction, the largest proportion of newly registered cases in FY 2026 invoked bilateral investment treaties (BITs) (62%), followed by 24% based on other international treaties, 8% on contracts between a host-State and an investor, and 6% on domestic investment laws. This marks a notable reversal of the trend observed in FY 2025, when BITs accounted for only 45% of newly registered cases, while contract-based claims surged to 21%. The return to stark BIT prevalence in FY 2026 suggests that the trend observed in FY 2025 may not represent a lasting structural shift.

In addition, FY 2026 introduced data on third-party funding. 12% of newly registered cases included disclosures of third-party funding. Under Rule 14 of the 2022 ICSID Convention Arbitration Rules and Rule 23 of the 2022 ICSID Additional Facility Arbitration Rules, parties are required to disclose any third-party funding received for the pursuit or defence of a proceeding.

Geographical distribution: South America emerges as the leading respondent region

In FY 2026, 22% of new cases involved States in South America, followed by States in Eastern Europe, Central Asia and States in Sub-Saharan Africa, each at 20%. States in Western Europe represented 13% of new cases, and States in the Middle East and North Africa 10%. States in North America accounted for 7%, States in Central America and the Caribbean 5%, and States in South and East Asia and the Pacific 3%.

This represents a meaningful shift compared to previous years. In FY 2025, Sub-Saharan Africa was the most frequent respondent region, accounting for 24% of new cases, while South America represented 18%. Eastern Europe and Central Asia, which had declined sharply to 12% in FY 2025, rose by 8 percentage points in FY 2026, bringing these regions closer to the leading respondent position they held in FY 2024.

Investors from all regions were represented in new cases in FY 2026. The largest share came from Western Europe (45%), followed by investors from the Middle East, North Africa, South and East Asia and the Pacific, each at 14%. Investors from North America accounted for 11% of new cases, Eastern Europe and Central Asia for 9%, and Central America and the Caribbean for 3%. South America and Sub-Saharan Africa each represented 2%.

Noteworthy is the rise in investor claims from the Middle East and North Africa to 14% (up from 8% in FY 2025). By contrast, North American investor claimants declined from 19% in FY 2025 to 11% in FY 2026.

Sectoral distribution: oil, gas and mining remain dominant

In FY 2026, the oil and gas sector accounted for 25% of new cases, while the mining industry represented 18%. Other new cases spanned a range of economic sectors, including electric power and other energy (10%), finance (10%), transportation (8%), construction (7%), and services and trade (5%).

The combined share of oil, gas and mining thus stands at 43% – consistent with the combined figure reported in FY 2025. In FY 2025, oil, gas and mining (classified by ICSID as one sector) accounted for 43% of all cases, a sharp increase from 28% in FY 2024. The transportation sector has moderately recovered to 8% in FY 2026, following a drastic decline in FY 2025.

Case outcomes: rise in full dismissals and settlements

Of the ICSID arbitrations concluded in FY 2026, 37% were settled or otherwise discontinued, while 63% were decided by a tribunal. Among the cases decided by tribunals, 40% of awards rejected all claims on the merits, 37% upheld claims in part or in full, 18% declined jurisdiction, and 5% of cases were dismissed for manifest lack of legal merit.

The decline in the success rate for claimants – from 57% in FY 2025 to 37% in FY 2026 – and the corresponding rise in full merits dismissals from 24% to 40% are particularly striking. Similarly, the proportion of settled or discontinued cases has risen significantly from 21% to 37%. These figures warrant close attention in future reporting periods to determine whether they represent a meaningful trend or statistical variation given the relatively small number of cases concluded in any given year.

No damages award in 70% of cases

In FY 2026, 70% of arbitration cases decided by tribunals resulted in no damages awarded to claimants, whether due to jurisdictional dismissals, findings of no liability, or liability without damages. Of the remaining cases, 14% resulted in awards under USD 10 million, 8% in awards between USD 10 million and USD 49 million, and 8% in awards exceeding USD 50 million.

The 70% no-damages rate in FY 2026 is significantly above the FY 2025 figure of 51% as well as the average of 55% throughout ICSID history. This marked deterioration in claimant outcomes reinforces the picture painted by the merits dismissal data above.

The report also presents data on the ratio of damages awarded to damages claimed in ICSID arbitrations where tribunals granted monetary compensation. In FY 2026, damages awarded were less than 10% of the amount claimed in 3 cases, and between 10% and 50% of the amount claimed in 5 cases. Damages exceeding 50% were only granted in 3 cases. Over the history of ICSID, in 22% of all arbitrations decided by tribunals, damages awarded were less than 10% of the amount claimed; and in 45% of cases, between 10% and 50% of the amount claimed.

Arbitrator appointments: growing nationality diversity, Sub-Saharan Africa remains under-represented

ICSID continued to see a diverse pool of arbitrators, conciliators, and committee members in FY 2026. Appointees represented 52 different nationalities. First-time appointees accounted for 8% of all appointments; among them, 35% were women and 25% were nationals of low- or middle-income economies. This represents a slight increase in nationality diversity compared to FY 2025, when arbitrators were appointed from 48 nationalities.

Whilst the 35% female share among first-time appointees has remained stable, the proportion of nationals from low- and middle-income economies among first-time appointees has declined from 32% to 25%, and the overall share of first-time appointees has dropped from 13% to 8%. These trends raise questions about the pace of diversification of the arbitrator pool beyond an established cohort of practitioners.

Notably, South America is the second most represented arbitrator region in FY 2026 at 18%, which is in line with its prominent role as a respondent region (22%). In contrast, Sub-Saharan Africa remains significantly under-represented at only 3% of FY 2026 appointments, despite accounting for 20% of respondent-States in new cases. Similarly, Eastern Europe and Central Asia accounts for merely 2% of appointments, despite representing 20% of respondent-States in FY 2026.

The authors would like to thank Marie Bergner for her contribution to this post.