Insurance conduct report shows lack of understanding: Adviser

Frankly, it is a tub-thumping political point scoring media frenzy beat up. Orchestrated in the same way the petrol prices beat up was delivered.

And likely to result in another government own goal when they realise their legislation is causing most of the issues highlighted. 60-70% of fuel costs are government taxes.

And in the four days since we've seen the very usual communications from the insurers saying they respect the Reserve Bank's opinion and they're waiting for their individual reports and the media looking at angles to create more headlines.

However, I call BS on the respect; the Reserve Bank has shown no respect to an industry that exists to help people in their time of need. They have done a significant amount of harm to both consumer confidence, and their own credibility in the process.