Asian Business Association survey: LA County voters struggle with insurance, wildfire recovery, and losses

A survey conducted by the Asian Business Association Foundation has highlighted the impact of wildfires on Los Angeles County voters since 2023. The findings, released on January 19, underscore concerns regarding rebuilding efforts, financial challenges, and insurance issues. The survey indicates strong support for state and federal recovery funds.

According to the survey, most small and medium-sized businesses (SMBs) in LA County allocate less than $5,000 annually to insurance, property, and disaster preparedness. Only 4% of these businesses spend over $50,000. Spending patterns vary by ethnicity; 56% of Black/African American-owned SMBs and 47% of White/Caucasian-owned SMBs report costs under $5,000. Additionally, 16% of businesses are uncertain about their spending, indicating gaps in planning and awareness.

Bankrate reports that California drivers face some of the highest auto insurance costs nationwide. On average, they pay $3,066 per year for full coverage and $760 for minimum coverage. Factors contributing to these high rates include dense traffic conditions, increased accident rates, costly vehicle repairs, and strict state regulations. In Los Angeles specifically, premiums are 36% higher than the state average. A DUI conviction can lead to a 149% increase in rates.

Legal system abuse in California has also been identified as a factor driving up insurance claim costs. Frivolous lawsuits and inflated claims have resulted in higher premiums for policyholders. According to Politico's reporting on a Morning Consult poll from 2024, nearly 70% of Californians support reforms aimed at reducing these costs by limiting personal injury lawyers' ability to exploit the legal system.

The Asian Business Association Foundation advocates for Asian American Native Hawaiian Pacific Islander (AANHPI) communities with a focus on education, economic equity, and civic engagement. Since 2021, it has assisted 3,340 entrepreneurs, supported 5,917 jobs, and secured $11.1 million in capital.