Press release
Cincinnati Financial Corporation Announces Preliminary Estimate for Third-Quarter Storm Losses
CINCINNATI, Oct. 20, 2022 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today announced that its consolidated third-quarter results are
About this update from Cincinnati Financial Corporation
[{"type":"text","content":"CINCINNATI, Oct. 20, 2022 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today announced that its consolidated third-quarter results are expected to include pretax catastrophe losses of approximately $252 million – representing an impact on the third-quarter 2022 combined ratio of approximately 13.9 percentage points, based on estimated property casualty earned premiums. The company's 5‑year historical average contribution of catastrophe losses to the combined ratio is 11.6 percentage points for the third quarter.\n\n \n \n \n \n \n \n\n \nThe catastrophe loss estimate includes $220 million from Hurricane Ian, excluding any effects of reinstatement premiums assumed or ceded, in addition to less severe storms. Losses estimated for Hurricane Ian as of September 30, 2022, did not reach a level applicable to Cincinnati Insurance's property catastrophe treaty or Cincinnati Re's property catastrophe excess of loss coverage as both reinsurance arrangements include retention of the first $100 million of any loss. The estimate for total third-quarter 2022 catastrophe losses incurred includes approximately $46 million for the commercial lines insurance segment; $69 million for the personal lines insurance segment; $112 million for Cincinnati Re® and $25 million for Cincinnati Global Underwriting Ltdsm.\nSteven J. Johnston, chairman and CEO, commented: \"Our hearts go out to all those who found themselves in the path of Hurricane Ian. We have deployed storm teams – made up of our own associates who volunteer to serve extra during catastrophes so that we can quickly begin the restoration process for our policyholders. This is when our claims associates shine, delivering fast, fair and empathetic service.\n\"So far this year we've seen a variety of challenges – inflation, declining stock and bond markets and a Category 4 hurricane – reinforcing our belief in the importance of maintaining our long-term focus. Our solid financial position ensures our ability to continue executing on our strategic initiatives, growing our agency plant, introducing diversifying products and investing in our talented associates.\"\nEstimated losses and expenses from catastrophe-related claims are expected to bring the company's third-quarter 2022 property casualty combined ratio to approximately 104%. The combined ratio before catastrophe losses ...