the International Chamber of Commerce (ICC) reporting 831 new cases under its arbitration rules and 10 under the appointing authority rules.
Globally, the ICC registered a total of 841 new cases across six global hubs. The total value of pending cases reached a record high of US$354 billion.
Key Highlights of 2024 Arbitration:
- ICC Caseload:The ICC registered 831 new cases under its arbitration rules and 10 under its appointing authority rules, with 1,789 cases pending at the end of the year.
- Record Total Value:The total value of cases pending at the end of 2024 reached a record US$354 billion.
- Regional Diversity:Parties from 136 jurisdictions participated in ICC arbitrations, with increased presence from North and West Europe, Sub-Saharan Africa, Latin America, the Caribbean, South and East Asia, and the Pacific.
- Case Outcomes:In concluded cases, 78% were decided by a tribunal, while 22% were settled or discontinued.
- Expedited Procedures:152 new cases were administered under the Expedited Procedure Provisions (EPP), bringing the total since 2017 to 865.
- Arbitration Seats:ICC arbitrations were seated in 107 cities across 62 countries.
- Specific Industries:Investments in oil, gas, and mining were involved in 38% of new cases, followed by electric power and other energy sources (24%).
- SCC Statistics:The Stockholm Chamber of Commerce (SCC) registered 53% of its cases under the SCC Arbitration Rules and 35% under the SCC Rules for Expedited Arbitrations.
- US Developments:The US Supreme Court ruled in Coinbase v. Suski, addressing a conflict between dispute resolution clauses. The Safe and Secure Innovation for Frontier Artificial Intelligence Models Act (SB 1047) was vetoed in California, preventing AI-specific legislation.
- Latin America:Metro de Lima won the first award in a case against Peru, and two additional claims are ongoing.
- Labour Arbitration:In Quinte Health v Ontario Nurses Association, an arbitrator ruled that the hospital’s mandatory vaccination policy was unreasonable.