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

Featured Stories

  • Former AIG Exec McElroy Faces Sex Assault Charges
  • Aon Promotes Reinsurance Leaders
  • 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.

Insured Losses From US Hurricanes Could Rise by 50% With Global Warming
State Farm Implements 27% Rate Increase for Illinois Homeowners
Husband and Wife Sentenced for $20 Million Insurance Fraud Scheme
Florida Meteorologist Predicts Where the Next Hurricane Will Hit, For a Price

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
Former Tennessee Agent Sentenced For Continuing to Sell Insurance Products
People Moves: Aon Appoints Key Leaders in EMEA Commercial Risk Team; AXA XL Promotes Wilkinson to Head of International Casualty, Retail, UK & Lloyd’s
Trump Nominates Two Lawyers to Seal Republican Control of US Labor Board
King Risk Adds Equestrian Specialist Agency in South Carolina
More News Features

Read This Next

  • Shortage of ESG Experts Could Have Negative Effect on Canada Financial Services Firms
  • Tropical Disturbance Expected to Bring Flash Flooding to Louisiana
  • Erie Insurance Restores All Operations After Month Outage; Says No Data Breached
  • State Farm Implements 27% Rate Increase for Illinois Homeowners
  • APCIA Warns Michigan Auto Insurance Bill Could Destabilize Market

Insurance Jobs

  • Vice President of Life Operations - Lansing, MI
  • Director of Property Liability Claims - Wilsonville, Oregon
  • Direct Sales Agent Specialist (2622) - Durham, NC
  • Trial Attorney – Orlando, FL (Remote, Home-based) - Florida, FL
  • Auto Telephone Claims Adjuster I, II or Sr - Ohio, OH
MyNewMarkets
  • How Embedded Insurance Supports Real Livelihoods in the Growing On-Demand Economy
  • How to Keep Third-Party Events from Becoming First-Party Losses
  • Is It Covered: Auto Coverage Under a CGL Policy
  • When Harassment Follows You Home: Managing EPL Risk in a Remote Work Era
  • Trouble Brewing? 6 New Risks for Winery and Brewery Clients
Claims Journal
  • Tesla Settled Over Autopilot Crash With Truck Crossing Highway
  • Judge Allows US Authors Suing Anthropic Can Band Together in Copyright Class Action
  • As Extreme Heat Scorches US, Employee Protections Stalled by Politics
  • Chinese Group Hacks 'Edge' Devices in Ongoing Telecom Targeting
  • Report Shows Cargo Theft up 13% in 2Q as Organized Crime Targeted High-Value Goods
Academy of Insurance education
  • July 17 Garagekeepers Coverage, Don't Get Caught With Your Coverage Down
  • July 22 How To Write: Umbrella
  • July 24 Navigating The Impact of Hospital Closures on Workers' Compensation
  • July 31 In The Wake: Personal Lines Issues After a Huge Storm

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