“Sandy is still developing but we expect this to be a serious event likely to cost the industry at least several billion dollars. However, after what has been a mild loss year this far, we view that industry balance sheets, both primary and reinsurer, are braced to absorb the punch.” –Cliff Gallant, Managing Director, Keefe Bruyette & Woods

“One of the biggest storms of our lifetimes is unfolding right now.” –Kelly Cass, anchor, The Weather Channel

“This is the most catastrophic event that we have faced and been able to plan for in any of our lifetimes.” –Connecticut Gov. Dan Malloy

“At this stage, everybody is confident that the staging process, the prepositioning of resources, commodities, equipment that are going to be needed to respond to this storm are in place.” –President Obama

“The size of the storm is going to carve a pretty large swath of bad weather. This is not just a coastal event.” –Rick Knabb, director of the National Hurricane Center

“We’re going to have a lot of impact, starting with the storm surge. Think: ‘Big!’” –Craig Fugate, the administrator of the Federal Emergency Management Agency

“Catastrophe losses are down 40-50 percent through the third quarter [compared to last year]. Even with losses from Sandy, 2012 catastrophe losses will still be well below 2011.” –Robert Hartwig, president of the Insurance Information Institute