Banco Sabadell | Indra has confirmed that the SpainSat NGII satellite, which was damaged on 2 January by the impact of a particle, has been rendered unusable and a new one will have to be built and launched. The satellite, valued at around €1 billion, was insured by a pool of insurers and reinsurers, with Mapfre as the main insurer. In this regard, and also according to press reports, Indra has confirmed that there will be no financial impact on its accounts as it is insured.
Assessment: We do not expect a significant impact for Indra: on the one hand, the service provided by the damaged satellite will be guaranteed by two other satellites already in orbit (specifically SpainSat NGI and SpainSat) and, on the other hand, the construction and launch of a replacement satellite is insured and, as they stated, they do not expect any economic impact. For Mapfre, the impact should be limited, given that this type of coverage is usually insured by a pool involving a large number of companies. In this regard, without knowing the composition of the pool and Mapfre’s participation in it, it is difficult to quantify a priori the cost of the claim retained by Mapfre.
