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Catholic Church's insurance company in financial trouble over sexual abuse payouts


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The Catholic Church’s private insurer spent more than $58 million paying out the victims of sexual abuse last year and the company is being forced to raise fresh capital and liquidate investments to cover a future compensation bill worth at least another $238 million.
Catholic Church Insurance (CCI) has posted nearly a $250 million loss as it struggles to meet a wave of new claims in the wake of the Royal Commission into Institutional Responses to Child Sexual Abuse.
St Patrick s Cathedral, home of the Catholic Archdiocese of Melbourne.
Credit:Pat Scala
CCI, which insures Catholic parishes, religious institutions, welfare groups, aged care facilities and schools across Australia for incidents of property damage, loss and injury, has also covered compensation and legal costs for sexual abuse committed in many church organisations since 1969. ....

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