Lee Shavel, the president and CEO of Jersey City-based Verisk, has been appointed to the Federal Advisory Committee on Insurance (FACI).
FACI provides advice and recommendations to assist the Federal Insurance Office (FIO) within the U.S. Department of the Treasury in carrying out its duties and authorities in monitoring the insurance industry.
The committee is limited to 25 members and includes insurance industry leaders, state insurance regulators, academics and consumer advocates.
“It’s a privilege to be appointed to such a critical committee at a pivotal time for the insurance industry. As the risk landscape evolves and weather catastrophes become more devastating and costly, having a healthy and sustainable insurance market to help absorb that risk is imperative,” Shavel said. “At Verisk, we’re fortunate to sit at the center of the insurance ecosystem, and I’m looking forward to bringing that perspective to FACI as I work with fellow members to help enhance the industry and protect consumers.”
Shavel leads Verisk’s client-centered strategy, focused on partnering with the global insurance industry to build greater resilience for individuals, businesses and communities. During his tenure, he has renewed the company’s focus on serving the insurance industry by expanding insurance ecosystem partnerships, investing in new datasets and emerging technology such as artificial intelligence, and fostering greater industry collaboration.
