Lloyd's chairman Lord Levene and Chris Woodburn, former chief executive of GISC, are among seven new honorary fellows of the CII.
Fellowship is the highest professional status that the CII can confer.
In the past decade the CII has awarded honorary fellowships on only one previous occasion.
The CII said the fellowships had been awarded for "outstanding contribution" to insurance and the financial services industry.
The other new honorary fellows are: Sir David Prosser, former group chief executive, Legal & General; Ken Davy, chairman, Simply Biz Services; Fay Goddard, deputy director general, AIFA; Stewart Ritchie, director (Pensions Development), Scottish Equitable; and Keith Satchell, group chief executive, Friends Provident and chairman, ABI.