8-K

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

                                  June 3, 2004
                Date of Report (Date of earliest event reported)

                          Commission file number 0-4604

                        CINCINNATI FINANCIAL CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

              Ohio                                               31-0746871
- -------------------------------                              ------------------
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

 6200 S. Gilmore Road, Fairfield, Ohio                           45014-5141
- ----------------------------------------                         ----------
(Address of principal executive offices)                         (Zip code)

       Registrant's telephone number, including area code: (513) 870-2000



Item 9. Regulation FD Disclosure. On June 3, 2004, Cincinnati Financial
Corporation issued the attached news release. The news release is furnished as
Exhibit 99.1 hereto and is incorporated herein by reference. This report should
not be deemed an admission as to the materiality of any information contained in
the news release.

The information furnished in this report shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that Section, nor shall such information
be deemed incorporated by reference in any filing under the Securities Act of
1933, as amended.



Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                 CINCINNATI FINANCIAL CORPORATION

                                 /S/ Kenneth W. Stecher
                                 -----------------------------------------------
                                 Kenneth W. Stecher
                                 Chief Financial Officer, Senior Vice President,
                                 Secretary and Treasurer
                                 (Principal Accounting Officer)
                                 June 3, 2004

EX-99.1

                                                                    Exhibit 99.1

        Cincinnati Financial Corporation Estimates May 2004 Storm Losses


           -- Catastrophe losses in May expected to total $50 million

                      -- In line with company expectations


    CINCINNATI, June 3 /PRNewswire-FirstCall/ -- Cincinnati Financial
Corporation (Nasdaq: CINF) today announced a preliminary estimate of
approximately $50 million for May 2004 pretax catastrophe losses resulting
from three periods of severe weather between May 17 and May 31. The Cincinnati
Insurance Companies' policyholders across 18 Midwestern and mid-Atlantic
states were affected by these storms.

   Based on these preliminary estimates, the storm losses are expected to
contribute approximately 7 percentage points to the second-quarter property
casualty combined ratio. The impact on after-tax earnings per share for the
second quarter would be approximately 19 cents. For the second-quarter 2003
period, catastrophe losses were $47 million, contributing 7.1 percentage
points to the combined ratio, with an 18 cent impact on earnings per share.
(Per share amounts have been adjusted for the 5 percent stock dividend payable
June 15, 2004, to shareholders of record on April 30, 2004.)

    Chairman and Chief Executive Officer John J. Schiff, Jr., CPCU, commented,
"All of us at The Cincinnati Insurance Companies extend our deepest sympathy
to people whose lives have been disrupted by these storms. We assure
policyholders in all of the affected communities that we are working hard for
your recovery from property losses. At times like these, our local field
claims staff and independent agency representatives demonstrate our person-to-
person approach and the true value of Cincinnati's insurance coverage and
service. Teams of experienced claims representatives are assisting local staff
in several areas with a high concentration of reported claims, including
Louisville and Lexington, Kentucky and Canton, Ohio."

    Schiff noted, "Through mid-May, we had not incurred any catastrophe losses
this year. However, we typically experience heavy property losses due to
tornadoes and hailstorms in the second and third quarters, leading to a higher
impact in these periods. Our target for the full-year 2004 GAAP combined ratio
remains at 94 percent (93.5 percent on a statutory basis). This target
anticipates that full-year storm losses will be approximately $90 million to
$100 million, contributing in the range of 3.0 to 3.5 percentage points to the
full-year combined ratio. We will review our target if further severe weather
occurs or as adjustments are needed to these early estimates. Policyholders
often require a large window of time to discover and report hail damage."

    "Importantly, excluding these storm losses, underwriting results for the
first two months of the second quarter remain healthy," Schiff concluded.

    Cincinnati Financial plans to report final second-quarter results on
Thursday, July 22. A conference call to discuss the results will be held at
2:30 p.m. EDT on that day. Details regarding the Internet broadcast of the
conference call are posted on the Investors page of http://www.cinfin.com .


    Cincinnati Financial Corporation offers property and casualty insurance,
its main business, through The Cincinnati Insurance Company, The Cincinnati
Indemnity Company and The Cincinnati Casualty Company. The Cincinnati Life
Insurance Company markets life and disability income insurance and annuities.
CFC Investment Company supports the insurance subsidiaries and their
independent agent representatives through commercial leasing and financing
activities. CinFin Capital Management Company provides asset management
services to institutions, corporations and individuals. For additional
information, please visit the company's Web site at http://www.cinfin.com .


    This is a "Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995. Certain forward-looking statements contained herein
involve potential risks and uncertainties. The company's future results could
differ materially from those discussed. Factors that could cause or contribute
to such differences include, but are not limited to:

     -- unusually high levels of catastrophe losses due to changes in weather
        patterns, environmental events or other causes
     -- increased frequency and/or severity of claims
     -- events or conditions that could weaken or harm the company's
        relationships with its independent agencies and hamper opportunities
        to add new agencies, resulting in limitations on the company's
        opportunities for growth, such as:
         -- downgrade of the company's financial strength ratings,
         -- concerns that doing business with the company is too difficult or
         -- perceptions that the company's level of service is no longer a
            distinguishing characteristic in the marketplace
     -- delays in the development, implementation and benefits of technology
        enhancements
     -- amount of reinsurance purchased and financial strength of reinsurers
     -- inaccurate estimates or assumptions used for critical accounting
        estimates
     -- recession or other economic conditions or regulatory, accounting or
        tax changes resulting in lower demand for insurance products
     -- sustained decline in overall stock market values negatively affecting
        the company's equity portfolio, in particular a sustained decline in
        the market value of Fifth Third Bancorp (Fifth Third) shares, a
        significant equity holding
     -- events that lead to a significant decline in the market value of a
        particular security and impairment of the asset
     -- prolonged low interest rate environment or other factors that limit
        the company's ability to generate growth in investment income
     -- insurance regulatory actions, legislation or court decisions that
        increase expenses or place the company at a disadvantage in the
        marketplace
     -- adverse outcomes from litigation or administrative proceedings


    Further, the company's insurance businesses are subject to the effects of
changing social, economic and regulatory environments. Public and regulatory
initiatives have included efforts to adversely influence and restrict premium
rates, restrict the ability to cancel policies, impose underwriting standards
and expand overall regulation. The company also is subject to public and
regulatory initiatives that can affect the market value for its common stock,
such as recent measures affecting corporate financial reporting and
governance. The ultimate changes and eventual effects, if any, of these
initiatives are uncertain.

    Readers are cautioned that the company undertakes no obligation to review
or update the forward-looking statements included in this material.



SOURCE  Cincinnati Financial Corporation
    -0-                             06/03/2004
    /CONTACT:  Investors, Heather J. Wietzel, +1-513-603-5236, or Media, Joan
O. Shevchik, +1-513-603-5323, both of the Cincinnati Financial Corporation/
    /Web site:  http://www.cinfin.com /
    (CINF)

CO:  Cincinnati Financial Corporation
ST:  Ohio
IN:  FIN INS
SU:  ERP CCA MAV