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Political interference ‘in full swing’ post-Hayne

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Some Australian insurers are concerned at politicians’ determination to move quickly on the Hayne royal commission’s recommendations to reform the financial services sector, according to a PwC-sponsored biennial survey.

A non-executive director with an Australian broking company who took park in the global Insurance Banana Skins study says political interference “is in full swing”.

But some see the recommendations as a chance for the industry to raise its game.

“[They] could have quite a high impact, but it is also an opportunity for those companies that want to show leadership,” an AUB Group non-executive director told the survey.

The report questions insurers about the risks of which they are most wary. PwC says a detailed breakdown on the Australia findings will be available later.