Three leaders of the global insurance industry will be inducted into the Insurance Hall of Fame when the International Insurance Society has its annual meeting in Vienna on July 9.

Josei Ito, the chairman of Nippon Life, will be recognised for his dedication to the development of insurance in response to the needs of an ageing society.

James C Anderson, the former President of Tillinghast Consulting in the US, is famous for developing pricing methods for insurance which have become international standards. He will be inducted into the Hall of Fame for pioneering of products and methodologies in insurance.

Leo Goodwin, the founder of the US Government Employee Insurance Company, has been recognised for creating the first “direct response” business model.