Superstorm Sandy, a decrease in favorable prior-year development and non-catastrophe losses and resulted in a net loss of $9 million for the 2012 fourth-quarter at CNA Financial Corp.

Forecasters are warning that a winter storm currently hitting the East Coast could be one for the record books, and it is being taken seriously as residents scurry to stock up on food, water, and gas. Road crews are also on standby with salt and sand.

More frequent and severe weather-related events are creating a volatile business environment for the property and insurance industry.

The Northeast from Maine to Virginia, as far west as the Great Lakes, is prepping for a winter mix of snow, ice and rain with high winds, blizzard concerns and dangerous traveling conditions.