Banking royal commission: Insurance brokers fret impact of commission ban

Australia's general insurance broking industry is facing a potential blanket ban on commissions, which analysts predict could make it harder to renew business insurance contracts as customers questioned the fees that would be charged to replace them.

The Hayne commission is expected to tackle the issue of commissions on general insurance in its final report, released publicly on Monday afternoon, and has already signalled it will consider an outright ban. This would come as a blow to the industry, which receives billions of dollars in commission payments every year.