The Catholic church insurer wants to establish a scheme that would stave off its own insolvency by paying church bodies only a fraction of the money owed to abuse survivors at rates to be determined by the scandal-plagued consultancy PwC, documents show.
Catholic Church Insurance is facing significant financial turmoil due to the rising volume of abuse claims, estimating it has $381m in liabilities relating to professional standards payouts to various church entities, including dioceses and church-aligned charities.
