Hurricane Dolly will result in estimated U.S. insured losses of $300 million to $1.2 billion with an expected mean loss of $600 million, according to AIR Worldwide.

Risk Management Solutions (RMS) estimates that insured losses will be less than $750 million, including wind, flood and storm surge damage, crop damage, and business disruption from power outages.

The Category 2 hurricane hit South Padre Island early Wednesday afternoon. RMS expects 500,000 people to be impacted from the storm.

Uncertainty in loss estimates is due to Dolly's slow progress, precipitation, uncertainty about its future path and speed, and potential flood damage.

Oil and gas producers in the Gulf of Mexico shut down about 5 percent of production in the Gulf by Tuesday, according to Minerals Management Service of the U.S. Department of the Interior. However, the hurricane's path missed most oil platforms and no lasting shutdowns are expected. Insured losses in Mexico are expected to be less than a quarter of U.S. insured losses.

For more information, visit www.air-worldwide.com/ and www.rms.com/.

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Hurricane Dolly losses estimated at least $300 million

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