Inevitable Why Wildfire Insurance is Broken—And How Stand is Fixing It
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Feb 27, 2025 Dan Preston, co-founder and CEO of Stand, a startup insurer focused on climate-exposed properties, shares insights on transforming wildfire insurance. He discusses how traditional insurance models fail to address wildfire risks effectively. Stand's innovative approach uses technology to assess individual property risks and empower homeowners to enhance resilience. Dan also emphasizes the role of private firefighters and community efforts in managing fire-prone areas. This fresh perspective aims to make insurance more accessible and affordable for high-value homes in California.
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Dan Preston's Background
- Dan Preston's background is in computer science and machine learning, applying it to fields like astrophysics and remote sensing.
- He co-founded a payments company and later joined Metromile, a per-mile auto insurance company.
Alignment in Insurance
- Insurance companies and their customers share a common goal: avoiding the insured event.
- This alignment is underexplored, with some exceptions like cyber insurance and FM Global.
Climate Risk and Data
- Traditional insurance risk evaluation relies on historical data, which is insufficient for rapidly changing climate risks.
- Climate change makes historical data unreliable for predicting future events, impacting risk assessment.