Kyobo Life Insurance CEO Shin Chang-jae has been named as the recipient of the 2023 Insurance Hall of Fame Laureate award by the International Insurance Society, the company said Wednesday.

The latest feat is especially meaningful for the 70-year-old CEO as he follows in his father's footsteps to win the top industrial honor. His late father Shin Yong-ho was the founder of Kyobo Life, and won the same award in 1996.

The company said it is the first case that both a father and son have been inducted into the International Insurance Hall of Fame.

“Dr. Chang-jae Shin embodies the spirit of the Insurance Hall of Fame through his change management, visionary leadership and people-first approach,” Josh Landau, president of the IIS, said.

“Dr. Shin’s commitment to leading with love, affection and respect for all human life based on stakeholder relationship management has established Kyobo as one of Korea’s most successful insurers and a pioneer in ESG and sustainability initiatives,” James Vickers, chair of the IIS Honors program added.

The award -- dubbed the "Nobel Prize of Insurance" -- is one of the most prestigious awards in the industry. It was established in 1957 to honor figures who contribute to the development of the insurance industry through innovative activities.

Every year, nominees for the Insurance Hall of Fame are submitted by IIS members and evaluated for selection by the IIS Executive Council, a body of senior insurance executives and academics.

Founded in 1965, the IIS is an organization based in New York. There are over 1,000 IIS members, including CEOs and executives of insurance companies and related organizations from more than 100 countries.

Shin will be formally honored at the Global Insurance Forum gala, which is set to take place on Nov. 5 at the Hilton Singapore Orchard in Singapore.