1999-2000 was a landmark year in the history of Indian insurance industry. The year 2007 is going to be another watershed for the industry. Detariffication from January 1, 2007 will totaly change the complexion of the non-life industry. Financial inclusion is being emphasized in various fora. The insurance industry will have to play a vital role by providing health insurance and other insurance products for the poor.

Insurance, it is oft quoted, is the art of the impossible and the science of the implausible. The future is uncertain. The business environment today is volatile and fast changing. Invention, it is said, is the key to predict the future. Insurance very aptly fills this slot. Insurance which originated in the 12th century AD as a concept has, over the years, grown in stature to evolve as a full-fledged subject.

The demands of the changing environment have prompted the insurance industry to mould its business in tune with the changing times. As a result, the Indian insurance market gave itself a face lift. The entry of private players saw a spate of new products and services on offer in the insurance market. To cite an example, the latest kid on the block is temple insurance. Temples with hefty incomes are becoming attractive targets for insurance companies as the incidence of claims is low and the potential for premium is high. Sabarimala and Guruvayur in Kerala are two examples that come to mind. There is also talk of introduction of body parts policies. Special medical insurance for students and group term cover for youth are also a case in point.

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