Kyobo Life Insurance Chairman and CEO Shin Chang-jae delivers an acceptance speech upon receiving the 2023 Insurance Hall of Fame Laureate award from the International Insurance Society, during a gala held at a hotel in Singapore, Monday. (Kyobo Life Insurance)

Kyobo Life Insurance Chairman and CEO Shin Chang-jae has been awarded the 2023 Insurance Hall of Fame Laureate award from the International Insurance Society, one of the insurance industry’s top honors.

The awarding ceremony was held during the gala event of the Global Insurance Forum in Singapore on Monday.

“Shin embodied the spirit of the Insurance Hall of Fame through innovative activities, insightful leadership and people-centered management,” said Josh Landau, CEO of the International Insurance Society.

The latest achievement holds significance for the 70-year-old CEO, as his father, Shin Yong-ho, who founded Kyobo Life Insurance, received the same honor in 1996.

It also marks the first time globally that a father and son have both received the prestigious recognition.

“I am proud and honored to have spent my life working in life insurance, following in my father’s footsteps,” Shin said in his acceptance speech.

Shin noted that many Korean life insurance companies seem to place too much emphasis on making profits, rather than on product details or on the potential risks for customers.

"I am concerned that this practice may undermine the fundamental purpose of insurance companies, which is to safeguard customers against future risks," he said.

Often referred to as the "Nobel Prize of Insurance," the award is renowned as one of the industry's most esteemed honors.

Established in 1957, the award aims to acknowledge individuals who contribute to the advancement of the insurance sector through innovative initiatives.

Nominees for the Insurance Hall of Fame are annually proposed by members of the IIS and subsequently assessed for selection by the IIS Executive Council, a governing body composed of senior insurance professionals and academics.

Founded in 1965 and headquartered in New York, the IIS boasts a membership of over 1,000 individuals, including CEOs and executives from insurance companies and related organizations across more than 100 countries.