Catholic Church Insurance Australia
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.
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.
The insurer’s sexual abuse payouts – known as “professional standards” liabilities – topped $58 million in the financial year 2019-20, according to figures obtained by The Age and The Sydney Morning Herald.