Rockhopper Exploration plc, a UK-based oil and gas company with interests in the North Falkland Basin, has triggered its annulment insurance policy and launched a new ICSID arbitration against the Italian Republic under the Energy Charter Treaty, following the annulment of a controversial 2022 ICSID award regarding offshore drilling restrictions. Under the annulment insurance policy Rockhopper took out in October 2024, the company will receive €31 million, mitigating the financial impact of the annulment. This development highlights an emerging trend in investor-state dispute resolution: investors increasingly hedge against annulment risk through insurance, and the annulment of an award does not necessarily end a dispute, as it can lead to new arbitration proceedings rather than settlement or withdrawal.