Some of what your end purpose of distinguishing between insertions and deletions ends up as will determine how you want to proceed once an insertion or deletion has been identified. The following can probably be cut down substantially but I have tried to cover every possible scenario.
Private Sub Worksheet_Change(ByVal Target As Range)
On Error GoTo bm_Safe_Exit
Application.EnableEvents = False
Application.ScreenUpdating = False
Dim olr As Long, nlr As Long, olc As Long, nlc As Long
With Target.Parent.Cells
nlc = .Find(what:=Chr(42), after:=.Cells(1), LookIn:=xlValues, lookat:=xlPart, _
SearchOrder:=xlByColumns, SearchDirection:=xlPrevious).Column
nlr = .Find(what:=Chr(42), after:=.Cells(1), LookIn:=xlValues, lookat:=xlPart, _
SearchOrder:=xlByRows, SearchDirection:=xlPrevious).Row
Application.Undo 'undo the last change event
olc = .Find(what:=Chr(42), after:=.Cells(1), LookIn:=xlValues, lookat:=xlPart, _
SearchOrder:=xlByColumns, SearchDirection:=xlPrevious).Column
olr = .Find(what:=Chr(42), after:=.Cells(1), LookIn:=xlValues, lookat:=xlPart, _
SearchOrder:=xlByRows, SearchDirection:=xlPrevious).Row
Application.Repeat 'redo the last change event
End With
If nlr <> olr Or nlc <> olc Then
Select Case nlr
Case olr - 1
Debug.Print "One (1) row has been deleted"
Case Is < (olr - 1)
Debug.Print (olr - nlr) & " rows have been deleted"
Case olr + 1
Debug.Print "One (1) row has been inserted"
Case Is > (olr + 1)
Debug.Print (nlr - olr) & " rows have been inserted"
Case olr
Debug.Print "No rows have been deleted or inserted"
Case Else
'don't know what else could happen
End Select
Select Case nlc
Case olc - 1
Debug.Print "One (1) column has been deleted"
Case Is < (olc - 1)
Debug.Print (olc - nlc) & " columns have been deleted"
Case olc + 1
Debug.Print "One (1) column has been inserted"
Case Is > (olc + 1)
Debug.Print (nlc - olc) & " columns have been inserted"
Case olc
Debug.Print "No columns have been deleted or inserted"
Case Else
'don't know what else could happen
End Select
Else
'deal with standard Intersect(Target, Range) events here
End If
bm_Safe_Exit:
Application.EnableEvents = True
Application.ScreenUpdating = True
End Sub
Essentially, this code identifies the last cell column-wise and the last cell cell row-wise. It then undoes the last operation and checks again. Comparing the two results allows it to determine whether a row/column has been inserted/deleted. Once the four measurements have been taken, it redoes the last operation so that any other more standard Worksheet_Change operations can be processed.