Stand's Wildfire Insurance Surge
This is a LA news story, published by CNBC, that relates primarily to Dan Preston news.
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latest LA firesCNBC
•Business
Business & Economics
LA wildfires thrust insurance startup into spotlight as property owners scramble for protection
82% Informative
Insurance startup Stand is seeing a huge surge in interest due to the LA wildfires.
"As soon as this stuff started happening, the inbound demand was about 5-10x overnight ," Stand CEO Dan Preston said.
Stand uses artificial intelligence and what it calls "physics-driven insights tailored to each property" Preston wants to offer reasonably priced protection to homeowners in wildfire zones.
Stand is currently focused on homes that are worth $2 million to $10 million .
The company is working with reinsurers and expects to be able to bring costs down as it proves the model can work.
But making a meaningful contribution to the bigger problem will require significant behavioral and structural changes in neighborhoods.
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