Millions of people across the eastern United States awoke on Tuesday to scenes of destruction wrought by monster storm Sandy, which knocked out power to huge swathes of the nation's most densely populated region, swamped New York's subway system and submerged streets in Manhattan's financial district.

U.S. stock trading will be closed on Monday and possibly Tuesday in response to Hurricane Sandy, NYSE Euronext said.

William R. Berkley says reserve deficiencies are driving the need for the market to increase ratesand that for some companies, the ability to take corrective actions will decrease.

Insurer OneBeacon says it expects an after-tax charge of $101 million in the third quarter related to a deal to sell its runoff business to an affiliate of Bermuda-based Armour Group Holdings.

Increasing rates and lower catastrophe losses led to a $6 billion favorable swing in net income for personal-lines insurers through the first six months of 2012 compared to the same period last yearbut economic and weather challenges remain for the segment, a recent analysis shows.

It would appear reports of the demise of the independent agent have been greatly exaggerated: A new survey shows the independent-agency system is growing again and is financially healthier than it has been in the past several years.

Insurance analysts and government officials weigh in on the likely impact of this unprecedented storm.

Despite new technologies and regulations making pipeline operations safer, failures nevertheless occur because of various factors. Retaining the right experts can make a significant difference in mitigating loss and maximizing subrogation recoveries.