** Shares of Australian insurers slip after opposition leader Peter Dutton hinted at breaking up the country's insurance sector
** Dutton, leader of the Liberal Party, said in an interview with Sky News on Sunday that if the Coalition is voted into power in the upcoming federal election, they would intervene in the insurance market, similar to their threatened divestment action for supermarkets
** Australia's insurance market is predominantly controlled by Suncorp SUN.AX, Insurance Australia Group IAG.AX and QBE Insurance QBE.AX
** Shares of Suncorp were down 20.4% at A$18.65 on Monday while IAG drops 4.1% to A$7.49
** QBE shares trade 0.4% lower
** Insurance premiums surged last year, with data from the Australian Bureau of Statistics showing a 16.4% increase, the highest in three decades
(Reporting by Rishav Chatterjee in Bengaluru)
((Rishav.Chatterjee@thomsonreuters.com;))
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