Telesat donates satellite capacity to support Venezuela’s recovery efforts
Telesat Corporation subsidiary Telesat GEO Inc. is donating satellite capacity on Telstar 19 VANTAGE to Venezuelan telecommunications provider Top Comunications to aid disaster recovery following the June 24 earthquakes. Verisk estimates economic losses from the magnitude 7.2 and 7.5 earthquakes exceed USD 10 billion, with significant uncertainty surrounding insured losses due to Venezuela's economic environment.
*this image is generated using AI for illustrative purposes only.
Telesat GEO Inc., a subsidiary of Telesat Corporation, is donating high-power satellite capacity to Top Comunications to support disaster recovery efforts in Venezuela following the devastating earthquakes on June 24, 2026. The company is providing high throughput capacity on the Telstar 19 VANTAGE satellite to enable faster restoration of critical communications infrastructure. This support will assist government entities, first responders, and mobile network operators with emergency coordination and public safety operations.
Verisk estimates economic losses from the June 24 earthquake sequence will likely exceed USD 10 billion. The event consisted of a rare earthquake doublet near Yumare-Morón in Yaracuy state, featuring a magnitude 7.2 foreshock followed 39 seconds later by a magnitude 7.5 mainshock. This was the strongest earthquake to impact Venezuela since 1900, with damage most severe in the Caracas metropolitan region and the coastal state of La Guaira.
Earthquake Impact and Loss Estimates
The catastrophe modeling firm noted a higher degree of uncertainty than usual in estimating the insured share of industry losses. This uncertainty stems from Venezuela's macroeconomic conditions, elevated inflation, low insurance penetration, and sanctions-related market complexities. Approximately 1,400 buildings were destroyed in the hardest-hit regions, with significant destruction reported across Aragua, Carabobo, and Yaracuy states.
| Metric | Details |
|---|---|
| Economic Loss Estimate | > USD 10 billion |
| Foreshock Magnitude | 7.2 |
| Mainshock Magnitude | 7.5 |
| Buildings Destroyed | ~1,400 |
Satellite Connectivity for Recovery
Glenn Katz, Telesat’s Chief Commercial Officer, emphasized the critical role of satellite connectivity in the aftermath of natural disasters. The donation aims to bridge communication gaps caused by the destruction of terrestrial infrastructure. Top Comunications will utilize the capacity to restore services in areas where ground networks were compromised by the seismic activity.
Modeling and Market Conditions
Verisk’s modeled insured loss estimates exclude losses from fire-following, landslides, sprinkler leakage, and loss adjustment expenses. The estimates also omit civil engineering risks, marine cargo and hull risks, aviation risks, and personal accident risks. Venezuela's insurance and reinsurance sector remains relatively small and highly concentrated, operating under challenging macroeconomic conditions that complicate loss estimation.
How will Venezuela's low insurance penetration and economic instability impact the actual payout speed and volume for insured losses?
What are the long-term implications for reinsurance pricing and capacity availability in the Caribbean and South American regions following this event?
Will the reliance on satellite capacity for disaster recovery accelerate investment in resilient hybrid network architectures in the region?
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