Los Angeles CA, Insurance Industry Overview
Just a decade-and-a-half years ago, Los Angeles Ca, was a sleepy town encompassed by rolling ranchlands. Today, Los Angeles is the third largest metropolitan economy in the whole world, boasting a GDP of more than $700 billion and a population of 10 million.
The city’s rise to international prominence is a short span of time is a result of can-do spirit of businesses here and its residents. It’s also down to the culture of thinking big. The city has always earned the tag of incubator for new ideas, and the mere size of its economy reflects the massive impact LA’s brand of creativity has had on the globe.
The Economy of LA is exceptionally diversified, boasting established industries that range from entertainment, Aerospace and fashion to consumer products, biomedical services and tourism.
Quick Facts about the LA’s Economy
- LA County’s GDP is larger than the countries of Saudi Arabia, Taiwan, Norway and Belgium
- LA leads the world in Aerospace, entertainment, clean technology, healthcare, tourism and fashion
- Roughly 40% of all the containerized goods that enter the US pass through Los Angeles CA, which is the largest seaport in the whole Western Hemisphere
- LA County boasts the tag of being the largest manufacturing center in the United States, having more manufacturing jobs than the state of Michigan.
Insurance Industry Overview of Los Angeles, CA
Los Angeles is a thriving metropolitan and so you would expect the same for the insurance industry. As the third largest metropolitan economy in the whole world, and the fact that it boasts a booming entrainment and aerospace industry, the city of Los Angeles has branches of all the major insurance companies in the US.
With a thriving economy such as the one found in LA, residents take out almost all manner of insurance services. Whether it’s home insurance, health, term life insurance, auto insurance, commercial insurance, it is all booming here.
Business insurance is also booming, as can be attested to by the many industries here. Companies take out worker’s compensation insurance as well as other insurance services.
Insurance brokers and agents play a pivotal role in bringing the insurance services closer to the people. Thanks to them, residents don’t have to necessarily go to the big insurance companies to get these services.
However, make sure you choose an insurance agent or broker in Los Angeles CA carefully since some of them only care about the commission they earn from your business but won’t help you get the best deal.
Whether you need insurance coverage for your home, auto, boats, commercial truck and business including workers compensation in Los Angeles CA, Strong Tie Insurance can help you.