Cincinnati Financial Corp. in July announced it anticipates its property/casualty insurance subsidiaries will record approximately $45 million of pre-tax catastrophe losses and $35 million in losses greater than $1 million for the second quarter of 2002. These estimates compare with $35 million and $21 million, respectively, in the second quarter of 2001.Wind, hailstorms and associated flooding during April, May and June, primarily in Midwest and Mid-Atlantic states, are expected to result in an estimated $45 million in catastrophe losses. While the largest event at $22.8 million was a late April storm affecting policyholders across 13 states, five other storms contributed to the loss total, including three June events with preliminary loss estimates totaling $15.6 million.
"We dispatched storm teams to Kearney, Nebraska, and to Mason City, Iowa, to assist our local field claims representatives. We are in the business to pay claims promptly, fairly and personally, and our claims teams have done a good job of delivering on that promise," said John Schiff, Jr., CEO of Cincinnati Financial.
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