8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

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

Date of Report (Date of earliest event reported)  August 23, 2004

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

            Ohio                          0-4604                 31-0746871
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(State or other jurisdiction           (Commission            (I.R.S. Employer
      of incorporation)                File Number)          Identification No.)

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

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

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         (Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13a-4(c))



Item 7.01 Regulation FD Disclosure. On August 23, 2004, Cincinnati Financial
Corporation issued the attached news release titled "Cincinnati Financial
Corporation Estimates $25 Million in Catastrophe Losses from Hurricane Charley."
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 hereunto duly authorized.

                                                CINCINNATI FINANCIAL CORPORATION

Date August 23, 2004                            /s/ Kenneth W. Stecher
                                                --------------------------------
                                                Kenneth W. Stecher
                                                Chief Financial Officer,
                                                Senior Vice President, Secretary
                                                and Treasurer
                                                (Principal Accounting Officer)

EX-99.1

                                                                    Exhibit 99.1

             Cincinnati Financial Corporation Estimates $25 Million
                  in Catastrophe Losses from Hurricane Charley


     - Quarter-to-date catastrophe loss estimate at $37 million

     - Storm teams dispatched to Bradenton, Orlando and Venice, Florida, to
       aid policyholders


    CINCINNATI, Aug. 23 /PRNewswire-FirstCall/ -- Cincinnati Financial
Corporation (Nasdaq: CINF) today announced a preliminary estimate of
approximately $25 million for pretax catastrophe losses resulting from
Hurricane Charley. This figure represents the estimated losses from the fewer
than 1,000 claims received through August 21, as well as claims that have not
yet been reported. The hurricane affected The Cincinnati Insurance Companies'
policyholders in Florida, North Carolina and South Carolina. As previously
announced, storms in 10 states in early July also caused third-quarter
catastrophe losses, now estimated at $12 million, net of reinsurance.

    Chairman and Chief Executive Officer John J. Schiff, Jr., CPCU, commented,
"Our heartfelt sympathy goes out to the people in all of the communities
affected by this devastating storm. Experienced Cincinnati claims
representatives have been in Florida since Saturday, August 14, working with
our local staff to make certain that policyholders receive immediate
assistance."

    Based on the preliminary estimate, third-quarter catastrophe losses to
date, net of reinsurance, could contribute approximately 5.1 percentage points
to the property casualty combined ratio. The impact on after-tax earnings per
share for the third quarter would be approximately 15 cents. For the third-
quarter 2003 period, catastrophe losses were $41 million, contributing 6.1
percentage points to the combined ratio, with a 16 cent impact on earnings per
share. (Per share amounts have been adjusted for the 5 percent stock dividend
paid June 15, 2004, to shareholders of record on April 30, 2004.)

    Schiff noted, "Through the first half of the year, catastrophe losses
totaled $47 million, contributing 3.3 percentage points to the GAAP combined
ratio of 89.5 percent and reducing earnings per share by 18 cents. Our target
for the full-year 2004 GAAP combined ratio remains at 92 percent (91.5 percent
on a statutory basis). This target anticipates that full-year catastrophe
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.
Hurricane Charley has moved us closer to that level, and we will review our
target if further severe weather occurs or as adjustments are needed to this
early estimate."

    Cincinnati Financial plans to report third-quarter results on Thursday,
October 21. 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 will be posted on the Investors page of www.cinfin.com in early October.


    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 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, terrorism incidents 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, performance and benefits of
       technology projects and enhancements
     - amount of reinsurance purchased and financial strength of reinsurers
     - inaccurate estimates or assumptions used for critical accounting
       estimates, including loss reserves
     - 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
     - not receiving an exemptive order pursuant to the Investment Company Act
       of 1940 from the SEC, and the resulting changes that would be required
       in the company's operations
     - 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-                             08/23/2004
    /CONTACT:  Investors, Heather J. Wietzel, +1-513-603-5236, or Media, Joan
O. Shevchik, +1-513-603-5323, both of Cincinnati Financial Corporation/
    /Web site: http://www.cinfin.com /
    (CINF)

CO:  Cincinnati Financial Corporation; The Cincinnati Insurance Companies
ST:  Ohio, Florida
IN:  FIN INS
SU:  CCA MAV ERP