Billion-Dollar Satellite Risks Upending Space Insurance (1)

Viasat Inc. has more than $1 billion of orbiting satellites in trouble, and space insurers are girding for market-rattling claims.

The company’s roughly $1 billion ViaSat-3 Americas satellite, central to expanding its fixed-broadband coverage and fending off rivals including Elon Musk’s Starlink, suffered an unexpected problem as it deployed its antenna in orbit in April. Should Viasat declare it a total loss, industry executives estimate the claim would reach a record-breaking $420 million and, in turn, make it harder — and more expensive — for other satellite operators to get insurance.

A rendering of the ViaSat-3 satellite.

Source: Viasat

Because of the financial risk associated ...