Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • Cat Bond Investors Told to Brace for Jamaica Payout
  • Berkley Explains Property Market, Company Appetite
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

Shortage of ESG Experts Could Have Negative Effect on Canada Financial Services Firms

By Layan Odeh | January 19, 2022
Email This Subscribe to Newsletter
  • Article

Canada’s financial sector is facing a talent shortage in sustainable finance as demand for people who can evaluate ESG-related risks and opportunities far exceeds the supply, according to a new study.

Environmental, social and governance factors are becoming central to investing and lending activities, but two-thirds of firms are impacted by the dearth of relevant skills, according to a Deloitte survey that was commissioned by Toronto Finance International and the Financial Centers for Sustainability.

“I think it could potentially be a very negative impact if we don’t focus on it today,” TFI Chief Executive Officer Jennifer Reynolds said in an interview.

The study is another signal that talent shortages are hitting parts of the financial industry. Last week, the CEO of Royal Bank of Canada said banks are struggling to hire enough engineers, data scientists and artificial intelligence specialists because of competition from other sectors. U.S. banks from JPMorgan Chase & Co. to Citigroup Inc. have indicated in recent days they’re paying more — sometimes a lot more — to hire and retain the people they need.

Skills in demand include ESG risk management, qualitative and quantitative analysis and ESG auditing, according to the Deloitte survey. The shortage is felt equally across the Canadian finance landscape, including banks, insurance companies, asset managers and pension funds.

“Certainly some are ahead of others in understanding some of the issues. For example, pensions have for quite some time had larger teams focused on ESG,” said Usha Sthankiya, partner in sustainable finance and ESG at Deloitte.

Ignoring the need for ESG-focused knowledge and talent can have an effect on the company’s technical analysis, risk management, auditing and disclosure capabilities, said Reynolds. “We can’t wait on this. We’ve got to do it today.”

Photograph: Buildings stand under construction along the skyline in Toronto, Ontario, Canada, on Sunday, Feb. 16, 2020. Photo credit: Brett Gundlock/Bloomberg.

Copyright 2025 Bloomberg.

Topics Canada

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

Update: Hurricane Melissa Churns Toward Jamaica as Category 5 Storm
Florida Jury Awards Jack Nicklaus $50M in Defamation Suit vs. His Former Company
Suspects in Louvre Heist in Custody After Week-Long Manhunt
New York Hospital Insurer Files for Bankruptcy, Citing Child Sex Abuse Claims

The most important insurance news,
in your inbox every business day.

Get the insurance industry's trusted newsletter

Email This Subscribe to Newsletter
  • Categories: International & Reinsurance NewsTopics: Canadian market, environmental social and governance (ESG) criteria, financial services
  • Have a hot lead? Email us at newsdesk@insurancejournal.com
More News
Chemical Board Investigators Digging Into Fatal Tennessee Explosives Plant Blast
Kumamoto, Japan - Nov 29 2019 : Facebook, Amazon, Apple, Netflix & Google (FAANG), high performance IT technology companies, is both an acronym & a buzzword to investors and people.Federal Judge Decertifies Apple App Store Class Action
Brown & Brown Reports Strong Q3 Revenue Growth of 35.4%
The Hartford Q3 Net Income Up 41%
More News Features

Read This Next

  • Shortage of ESG Experts Could Have Negative Effect on Canada Financial Services Firms
  • Illinois Sues State Farm for Refusal to Release Homeowners' Insurance Data
  • Growth Momentum Continues for Program Business: TMPAA
  • State Farm and Mahomes Looking to Play on Tom Brady's Home Turf
  • Ryan Specialty Agrees to Acquire Canadian MGU Stewart Specialty Risk Underwriting

Insurance Jobs

  • Regional Sales Manager - Irving, TX
  • Senior Underwriter - Denver, CO ( Hybrid)
  • Business Development Representative - Remote/Pittsburgh, PA/Allentown, PA
  • Property Liability Claims Supervisor - Wilsonville, OR
  • Agency Inquiry Consultant I – (Remote) - Illinois, IL
MyNewMarkets
  • Bigger Piece of the Pie: Surplus Lines Market Hits New Record as Specialty Lines Continue to Grow in Prominence, Market Share
  • Death and Insurance (Not Taxes): Part One
  • AI for Agents
  • How to Attract the Next Generation to Insurance
  • 5 Evolving Trends Shaping Architects and Engineers Coverage
Claims Journal
  • Exonerated Trader Tom Hayes Sues UBS For $400M Over Libor Accusations
  • PepsiCo Resolves Lawsuit Over Gatorade Bar Health Claims
  • Five New Members Join CAPA Board of Directors
  • J&J Talc Cancer Suits Jump 17% After Failed Settlement Effort
  • Canada Pension Fund Sued by Young People Over Climate Risks
Academy of Insurance education
  • October 21 E&S Property Underwriting
  • October 23 Gotchas That'll Getchya - Latest Policy Language That'll Get You Sued
  • October 30 Challenges in Agency Mergers – Reducing Staff Flight and Avoiding E&O Claims
  • November 6 Risk and Insurance for Digital Nomads

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map