Hurricane Jova, a category two storm, made landfall in Mexico last week but caused minimal insured damage.

The storm hit the coast near the small town of Tomatlán, 85km south of the much larger resort city of Puerto Vallarta, and flooding has been reported.

Catastrophe modeller AIR Worldwide says that although the area is dotted with popular beach resorts “the exposure value in this region is relatively low”, and it estimated the insured loss at $US53 million ($51 million).

Jova is the 10th named storm of the Atlantic hurricane season, which industry observers have been monitoring closely. A major hurricane striking the US coast is widely touted as the tipping point that could end the global soft market.

The Atlantic hurricane season still has six weeks to run.