Assuming that the insurance company actually pays out, this seems like a win for both SpaceX and OrbComm. SpaceX got a paying commercial customer, and had an opportunity to test out yet another part of the Falcon stack. OrbComm got a bit of testing time on their new communication platform at less than the cost of a full launch. If the insurance company is structured properly, this is a loss for them, but will average out over time.

Compare with the age of sail, where a mission was considered successful if one the ships actually returned. Even with 75% of the crew dead and 25% toothless and malnourished from scurvy and other ailments.