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Cincinnati Financial posts 100.8% Q2 combined ratio after cat surge
Catastrophe losses contributed 14.4 points to the loss ratio, with Ohio catastrophe losses nearly four times the company’s five-year second-quarter average.
Cincinnati Financial Corporation reported a property casualty combined ratio of 100.8% for the second quarter of 2026, up 5.9 percentage points from 94.9% in the prior year period, driven by elevated catastrophe losses that left the insurer with an underwriting loss for the quarter, according to Insurance Business.
The insurer said catastrophe losses accounted for 14.4 points of the loss ratio in Q2, rising from 12.4 points a year earlier. Ohio was a particularly active loss state, with catastrophe losses running nearly four times higher than Cincinnati Financial’s five-year second-quarter average for the state.
Commercial lines deteriorated the most, with its combined ratio widening to 104.1% from 92.9%, a swing of 11.2 percentage points, as catastrophe losses added 4.9 points. Personal lines improved slightly, with its combined ratio at 99.9%, after its catastrophe load fell 1.6 points year over year.
On a six-month basis, Cincinnati Financial’s combined ratio was 98.2%, improving by 5.6 percentage points versus 103.8% in the first half of 2025. For the quarter, net written premiums rose 3% to $2.825 billion, while new business written premiums declined 13% to $353 million, concentrated in personal lines, and prior accident year reserve development added a favorable 1.7 percentage points, equal to $42 million.