import re

st = """data/policy/line[Type="BusinessOwners"]/risk/coverage[Type="FuelHeldForSale"]/id"""

paths = []
pattern = re.compile(r'(\w+)\[(\w+)=\"(\w+)\"\]')
for item in st.split('/'):
    match = pattern.fullmatch(item)
    if match:
        paths.append(match.group(1))
        paths.append({match.group(2): match.group(3)})
    else:
        paths.append(item)

print(paths)