Buying more timeProperty insurance for climate chaos.
Big Picture
The world’s property insurance markets are failing as convective storms, wildfires, and floods hit harder, more frequently, and in locations that weren’t historically at risk. Without the ability to accurately price and underwrite these new and growing climate risks, many insurers have simply been dropping coverage. This trend will only intensify as reinsurance – insurance for insurance companies – gets harder and harder to come by.
How it Works
Stand is a new kind of insurer that provides wildfire coverage to homes at disproportionate risk of burning down. They use a physics-driven AI model to provide probabilistic assessments of how homes might burn down. When they issue a policy, it comes stapled with a menu of options for lowering your premium. Don’t like the price? Choose from a drop-down list of fortification actions tied to specific reductions in premium.
Unfair Advantage
While insurance industry incumbents abandon the riskiest markets like California and Florida, that team at Stand is literally running toward the flames. They do this by pairing their underwriting with a best-in-class understanding of how to manage wildfire risks. No one else makes insurance this easy for high-risk property owners. With a team of insurance industry vets, Stand is stepping in to shore up an at-risk residential insurance market.
30
Billion dollars
in insured wildfire losses in California since 2017
DAN PRESTON CEO & CO-FOUNDER
Dan was previously CEO of Metromile, where he pioneered the company’s use of data science and technology to revolutionize car insurance.
JASON MUELLER CTO & CO-FOUNDER
Jason was formerly the CPO of Policygenius. He has 15+ years of experience leading product across consumer software and B2B SaaS.
Insurance Startup Stand Has a Plan to Cover ‘Uninsurable’ Homes
The Wall Street Journal
LA wildfires thrust insurance startup into spotlight as property owners scramble for protection
CNBC
Why Wildfire Insurance is Broken—And How Stand is Fixing It
My Climate Journey Podcast