Twenty-three insurance companies had inadequate capital in the financial year ended December 2023 but continued to operate into this year, shining a spotlight on their ability to meet their obligations including paying claims on time.
Latest data from the Insurance Regulatory Authority (IRA) shows 15 of the 35 general insurers and eight out of the 25 long-term insurers held capital below the minimum required –a figure that varies from one player to another depending on the level of risks taken.
