Country Risk

A.M. Best defines country risk (read the methodology) as the risk that country-specific factors could adversely affect an insurer's ability to meet its financial obligations. Country risk is evaluated and factored into all A.M. Best ratings. As part of evaluating country risk, A.M. Best identifies the various factors within a country that may directly or indirectly affect an insurance company.

Countries are placed into one of five tiers, ranging from Country Risk Tier 1 (CRT-1), denoting a stable environment with the least amount of risk, to Country Risk Tier 5 (CRT-5) for countries that pose the most risk and, therefore, the greatest challenge to an insurer's financial stability, strength and performance.

A.M. Best's country risk evaluation does not impose a ceiling on ratings.

To better quantify investment risk, including the potential for market illiquidity and volatility; country specific risk charges are incorporated within A.M. Best's Universal BCAR Model. This enables the analytical team to increase the risk considered within an insurance company's invested assets which could diminish financial flexibility. Countries are categorized into one of five Country Investment Classes (CICs). County Investment Class I (CIC I) represents economies with relatively stable and liquid capital markets while CIC V represents markets with the least liquidity and highest volatility. It should be noted that while there are 5 CRTs and 5 CICs; there is not always a direct correlation between the two classifications. View the list of Country Investment Classes.

A.M. Best incorporates transfer and convertibility risk (T&C risk) into its holding company and debt ratings (read the methodology). View the list of A.M. Best's T&C Ceilings .

Questions about A.M. Best's Country Risk Methodology may be directed to: country.risk@ambest.com.

List of A.M. Best Non-U.S. Ratings

Country List - All CRTs

Select the Tier from the list below to narrow the view to include only those countries within the Tier.

View Only: CRT-1 CRT-2 CRT-3 CRT-4 CRT-5 All Print

Algeria CRT- 5 Ghana CRT- 5 Nigeria CRT- 5
Anguilla CRT- 3 Gibraltar CRT- 1 Norway CRT- 1
Antigua And Barbuda CRT- 4 Guatemala CRT- 5 Oman CRT- 3
Argentina CRT- 5 Guernsey CRT- 1 Pakistan CRT- 5
Australia CRT- 1 Honduras CRT- 5 Panama CRT- 4
Austria CRT- 1 Hong Kong CRT- 2 Peru CRT- 4
Bahamas CRT- 3 India CRT- 4 Philippines CRT- 4
Bahrain CRT- 3 Indonesia CRT- 4 Poland CRT- 3
Barbados CRT- 2 Ireland CRT- 2 Qatar CRT- 3
Belarus CRT- 5 Isle Of Man CRT- 1 Russia CRT- 4
Belgium CRT- 1 Israel CRT- 3 Saint Kitts And Nevis CRT- 3
Bermuda CRT- 2 Italy CRT- 2 Saint Martin CRT- 3
Bolivia CRT- 5 Jamaica CRT- 5 Saudi Arabia CRT- 3
Bosnia And Herzegovina CRT- 5 Japan CRT- 1 Singapore CRT- 1
Brazil CRT- 3 Jersey CRT- 1 Sint Maarten CRT- 3
British Virgin Islands CRT- 2 Jordan CRT- 4 Slovenia CRT- 2
Brunei Darussalam CRT- 4 Kazakhstan CRT- 4 South Africa CRT- 3
Canada CRT- 1 Kenya CRT- 5 South Korea CRT- 2
Cayman Islands CRT- 2 Kuwait CRT- 3 Spain CRT- 2
Chile CRT- 2 Lebanon CRT- 5 Sweden CRT- 1
China CRT- 3 Libya CRT- 5 Switzerland CRT- 1
Colombia CRT- 4 Liechtenstein CRT- 2 Taiwan CRT- 2
Costa Rica CRT- 4 Luxembourg CRT- 1 Thailand CRT- 3
Curacao CRT- 3 Macau CRT- 2 Trinidad And Tobago CRT- 3
Cyprus CRT- 3 Malaysia CRT- 3 Tunisia CRT- 4
Denmark CRT- 1 Malta CRT- 3 Turkey CRT- 4
Dominican Republic CRT- 5 Mauritius CRT- 4 Ukraine CRT- 5
Ecuador CRT- 5 Mexico CRT- 3 United Arab Emirates CRT- 3
Egypt CRT- 5 Morocco CRT- 4 United Kingdom CRT- 1
El Salvador CRT- 4 Netherlands CRT- 1 United States CRT- 1
Finland CRT- 1 New Zealand CRT- 2 Venezuela CRT- 5
France CRT- 1 Nicaragua CRT- 5 Vietnam CRT- 5
Germany CRT- 1