A tropical cyclone could develop over the next 48 hours in the Gulf of Mexico, while Tropical Depression Lisa continues to meander in the Atlantic and could dissipate by Monday.

The National Weather Service said there is an 80 percent chance that a system over the south-central Caribbean Sea could develop into a tropical depression over the next 48 hours. The system, located off the coast of Venezuela, is moving Westward at 15 mph.

If this were to turn into a tropical depression and a named storm, the next name on the list is Matthew and would be the 13th named storm of the year.

The region was just rocked by Hurricane Karl that catastrophe modeler AIR Worldwide said could cost insurers $100 to $200 million. The storm struck Mexico twice last week, and the economic damage is expected to be significant. However, insurance penetrtion is very low, AIR noted.

The cities rocked by the storm were Boca del Rio, Cotaxtla, Carranza, Jamapa, Medellin and Oaxaca.

An afternoon update from the National Weather Service upgraded the system to a tropical depression. Watches and warnings were issued for portions of Central America. The five day track has the storm striking the coast of Belize by Monday as a hurricane, then taking a northern path into the Gulf of Mexico.

Tropical depression Lisa is causing locally heavy rain over the Cape Verde Islands with maximum sustained winds near 35 mph.

The National Weather Service said the storm is drifting eastward. The five day track shows the storm beginning to dissipate by Tuesday.

Updated at 2:25 p.m. EDT