14. Assume that the catastrophe futures are traded at the forward price of 60%. One future contract refers to $25000 and has a ceiling loss ratio of 200%. The insurer X has purchased 50 futures to mitigate the risk involved in 1 million premiums written in catastrophic cover. Compute the financial result of X by the end of year if: X bears costs totalling to 20% of premium. The regional loss ratio (being the basic asset for futures) amounted to 240% and the X's loss ratio was 180%