Hurricane

Oxfam aims to scale up the scheme, attracting insurance backing and investors, if the pilot is successful.

The insurer fell to a loss of $9.8mn in Q4 2018 after strengthening prior-year reserves.

The Florida-based insurer reported a $15mn cat loss for the full year.

The insurer posted a net loss of $9.3mn for Q4 2018.

The ratings company said Floridian insurer ratings would be under threat from hardening property catastrophe rates.

In a note to investors Matt Carletti ranked catastrophe aggregate programmes as being set to see the largest price rises.

The past two years challenged the catastrophe (re)insurance market more than any period since the Hurricane Katrina era in 2004-2005 – but it is far from clear what the outcome will be this time around.

The 2018 season was above average and produced a total of 15 named storms, the modelling agency said.

Catastrophes and large claims dragged Bermuda-based Hiscox Re and ILS to a $23.2mn loss for 2018.

The insurer declined to comment on how much limit of the EUR1.75bn cover was placed.

Losses from Hurricane Michael and the California wildfires brought the reinsurer’s non-life combined ratio up to 108.7 percent.

This is more than twice the level that some were projecting in September.