Second-quarter profits for Insurer Cincinnati Financial Corp. appear to be taking a hit due to larger-than-usual storm losses along with other major insurance claims.
Based in Cincinnati, the company insures cars, homes and businesses mainly in the eastern U.S. and Midwest. The company reports it paid out $29 million in claims dating back to April for damage due to hail and windstorms in the Midwest. The company also claims paying out $19.8 million for other major, non-storm-related claims.
The majority of the catastrophe damage, estimated at $23.5 million, was the result of a series of wind and hailstorms, which hit 13 states in the U.S. Midwest during the period of April 6-11. More wind and hailstorms in the early part of June compiled another $5.5 million in losses for the company
Topics Profit Loss
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