Insurer and wealth manager ClearView has admitted to more than 300,000 breaches of anti-hawking laws and selling lower quality life insurance policies to poor people on the first day of insurance hearings at the Hayne royal commission that looks poised to demolish the reputation of the insurance sector.

The admissions from the insurer followed an opening statement from senior counsel assisting Rowena Orr, QC, stating almost every insurance company in Australia admitted to some form of misconduct ranging from delays and overcharging, to high pressure sales and overt surveillance of claimants.