It's looking as if the insurers and reinsurers both dodged a bullet and have a catalyst for premium increases.
We will more on the insurance companies, for now expect a pop on Monday, and especially among the reinsurers ACE and XL.
From New York Magazine's Daily Intel blog:
It appears that the worst-case scenarios for the potential damage Hurricane Irene could cause in New York will not be realized. But local, small-scale damage has been done: In one instance, a huge and beautiful 80-year-old American Elm tree that had been controversial for years in Brooklyn Heights came down this morning at about 5am, knocking down a tony co-op building's garden wall, crashing across Hicks Street, and coming to rest in the front yard of an early-1800s wooden house across the street. It appears to have knocked down the iron fence in front of that house, and may have crashed through the facade...MORE