The Sustainable Markets Initiative (SMI), a global private-sector coalition established by His Majesty King Charles III in 2020 when he was Prince of Wales, has completed a feasibility study examining the proposed creation of Commonwealth Mutual, a sovereign-owned mutual reinsurance vehicle intended to help Commonwealth nations manage financial exposure to extreme weather events and natural catastrophes.
The findings were announced on 5 November during the 28th Commonwealth Heads of Government Meeting (CHOGM 2026) in Antigua and Barbuda. The study was also presented at an SMI jointly sponsored forum involving representatives from 42 Commonwealth governments.
The SMI said the assessment involved insurers, reinsurers, brokers, catastrophe modelling specialists and capital providers, who examined whether a collective reinsurance arrangement could help reduce the financial protection gap between insured losses and the overall economic damage caused by natural disasters.
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