Cincinnati Financial Corporation CINF has released its preliminary loss estimates that will impact the property and casualty (P&C) insurer’s third-quarter 2018 results. The insurer is estimated to incur pre-tax catastrophe loss of about $120 million, indicating an impact on the third-quarter combined ratio of around 950-1000 basis points (bps) based on the projected P&C earned premiums. The insurer’s 10 year historical average incurrence of catastrophe loss affecting the combined ratio is 560 bps for the third quarter. It is important to mention here that such losses weigh on the underwriting income, which is one of the sources of consolidated net income along with profits from investment operations and life insurance operations.The estimated loss comprises about $92 million arising from the occurrence of Hurricane Florence and the amount also includes nearly $7 million for the company’s reinsurance operations, popularly known as Cincinnati Re.Total third quarter catastrophe loss incurred is projected to be nearly $77 million for the commercial lines insurance segment, $34 million for personal lines insurance segment and $9 million for Cincinnati Re.With respect to P&C combined ratio, the company anticipates the metric to range between 96% and 98% in the third quarter including the effect of catastrophe loss. The ratio also represents net favorable reserve development on prior accident years for the company's commercial casualty line of business.Additionally, the company has mentioned about Hurricane Michael, which is anticipated to influence its results in the fourth quarter of 2018. However, the insurer has been unable to project any losses stemming from the same as it cannot predict its magnitude.Cincinnati Financial’s status as a P&C insurer has made it fairly susceptible to loss from natural disasters, man-made catastrophes and other weather-oriented events. This has induced volatility in its underwriting results, thereby keeping the combined ratio under pressure.Recently, United Insurance Holdings Corp. UIHC announced that it has incurred $35 million pre-tax catastrophe loss due to Hurricane Florence. Also, Chubb Limited CB has released its preliminary net loss estimates of $450 million pretax or $372 million after tax, net of reinsurance including reinstatement premiums.Stock That Warrants a LookInvestors interested in another stock from the P&C insurance space can consider Kingstone Companies, Inc. KINS.Kingstone Companies underwrites property and casualty insurance products to small businesses and individuals in New York. The company pulled off positive surprises in two of the previous four quarters with an average positive surprise of 0.17%.5 Medical Stocks to Buy NowZacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.Click here to see the 5 stocks >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report United Insurance Holdings Corp. (UIHC): Free Stock Analysis Report Chubb Limited (CB): Free Stock Analysis Report Kingstone Companies, Inc (KINS): Free Stock Analysis Report Cincinnati Financial Corporation (CINF): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research