A risk modeling firm reduced its Hurricane Dennis maximum damage estimate by $2 billion, as experts said today that the next oncoming hurricane stands a good chance of striking Mexico by early next week but will likely miss the U.S. mainland.

Risk Management Solutions, a risk modeling firm based in Newark, Calif., lowered its insured loss estimate from Hurricane Dennis to between $1 billion and $3 billion. Shortly after Dennis struck on Sunday, RMS issued a loss estimate range from $1 billion to $5 billion.

It said its new estimate was based on observations from its field team and additional data on the storm's wind-field.

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