Changing Shape of General Insurance - Customers today are no longer satisfied with the traditional insurance products available, due to the multiple and onerous obligations and responsibilities of global contracts and finances. The initiatives being taken by the New India Assurance Co. give an indication to this effect.

New India has now developed insurance products that go beyond simple Material Damage and Business Interruption covers to  Comprehensive Packages including.

All Risks Covers for all assets under construction with consequential financial risks cover in case of delay in commissioning of project, unlimited liability covers with seamless change over into operational All Risks Insurances.

Expansion of market will take place only when the insurance knowledge penetrates to the semiurban and rural areas. I am not sure how far the private insurers will be focusing in these areas as it requires a wide network of offices.

Here again, in Public Sector Insurance companies, who have wide network of officers and who have also employed more agents, will be penetrating these semi-urban and rural areas. This will be the business strategy also, in view of cut throat competition in the metros for cream business in fire and engineering.

It is too early to judge the likely expansion of the insurance market and I am sure with the development of new intermediaries and brokers, the market will expand. Even today the insurance policies are being "Sold rather than Bought".