Cincinnati Financial (CINF) Sees Q4 Pre-Tax Catastrophe Losses of $25M - $35M
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Investment income, net of expenses: 148M
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Financial Fact:
Investment income, net of expenses: 148M
Today's EPS Names:
SVBT, ZEO, OTLK, More
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Cincinnati Financial Corporation (Nasdaq: CINF) announced that The Cincinnati Insurance Companies' property casualty group expects its fourth-quarter results to include pre-tax catastrophe losses of approximately $25 million to $35 million from Superstorm Sandy, with its commercial lines insurance segment accounting for approximately two-thirds of that total. Catastrophe losses from storm damage affect property casualty insurance underwriting income, one of the sources of consolidated net income along with profits from investment operations and life insurance operations.
Approximately 60 percent of the group's claims from Sandy occurred in the Cleveland, Ohio area and another 20 percent occurred in the state of Pennsylvania. Most of the claims stemmed from wind damage or from water damage due to drain back-ups, hydrostatic pressure or roofs that leaked after unusually heavy rain.
Approximately 60 percent of the group's claims from Sandy occurred in the Cleveland, Ohio area and another 20 percent occurred in the state of Pennsylvania. Most of the claims stemmed from wind damage or from water damage due to drain back-ups, hydrostatic pressure or roofs that leaked after unusually heavy rain.
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