PwC has unveiled a new vision for the future of reinsurance, projecting that a rapidly evolving “Fund and Insure” model could contribute as much as $17 trillion in value to the global economy by 2035.

The findings, released yesterday in PwC’s report, Reinsurance 2035: Rethinking the Risk Business, argue that reinsurers are on the cusp of transforming from capital providers into “orchestrators of resilience” across industries ranging from mobility to healthcare.

Arthur Wightman, territory and insurance leader at PwC Bermuda and a contributor to the report, said the sector faces a defining decade.

“The future of [insurance and reinsurance] lies in its ability to orchestrate, not just underwrite, resilience — empowering businesses to thrive amid complexity, as megatrends like climate change and technological disruption reshape the scale and nature of industry reconfiguration,” he said.

PwC’s research warns that reinvention pressure is at historic highs, with 17 of 22 global sectors experiencing the greatest business model strain seen in 25 years. Insurance ranks second on the index, amid mounting threats from climate, cyber and geopolitical volatility. The consultancy estimates that reinvention moves across financial services could trigger a $604 billion market share shift this year alone.

Matt Britten, partner at PwC Bermuda and coauthor of the report, pointed to four urgent challenges reinsurers must confront if they are to remain relevant: closing protection gaps, boosting infrastructure resilience, attracting talent in emerging fields and funding climate transition risks.

“Addressing these four gaps is as — if not more — critical as managing today’s underwriting and pricing challenges,” he said.

PwC’s “Value in Motion” framework identifies Fund and Insure as a cornerstone of the future economy, allocating capital, enabling transactions and strengthening systemic resilience in the face of disruption.