Country Risk Information

AM Best defines country risk (read the criteria procedure) 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 AM Best ratings. As part of evaluating country risk, AM 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.

AM 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 AM 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). Country Investment Class 1 (CIC-1) represents economies with relatively stable and liquid capital markets while CIC-5 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 Best's Country Investment Classes.

AM Best incorporates transfer and convertibility risk into its holding company and debt ratings (read the criteria procedure). View the list of Best’s Transfer and Convertibility Ceilings.

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

Guide to Best's Country Risk Tiers
Guide to Best’s Country Investment Classes

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       

Albania CRT- 4 Curaçao CRT- 3 Kuwait CRT- 3 Romania CRT- 3
Algeria CRT- 5 Cyprus CRT- 3 Laos CRT- 5 Russia CRT- 4
Anguilla CRT- 3 Czech Republic CRT- 2 Lebanon CRT- 5 Saudi Arabia CRT- 3
Antigua and Barbuda CRT- 4 Denmark CRT- 1 Libya CRT- 5 Serbia CRT- 4
Argentina CRT- 5 Dominican Republic CRT- 4 Liechtenstein CRT- 2 Sierra Leone CRT- 5
Australia CRT- 1 Ecuador CRT- 5 Luxembourg CRT- 1 Singapore CRT- 1
Austria CRT- 1 Egypt CRT- 5 Macau CRT- 2 Slovenia CRT- 2
Azerbaijan CRT- 4 El Salvador CRT- 4 North Macedonia(FYR) CRT- 4 South Africa CRT- 4
Bahamas CRT- 3 Ethiopia CRT- 5 Malaysia CRT- 3 South Korea CRT- 2
Bahrain CRT- 4 Finland CRT- 1 Malta CRT- 3 Spain CRT- 2
Bangladesh CRT- 5 France CRT- 1 Mauritius CRT- 3 Sri Lanka CRT- 4
Barbados CRT- 4 Gabon CRT- 5 Mexico CRT- 3 St. Kitts and Nevis CRT- 3
Belarus CRT- 5 Germany CRT- 1 Micronesia CRT- 5 St. Lucia CRT- 3
Belgium CRT- 1 Ghana CRT- 5 Mongolia CRT- 5 St. Maarten CRT- 3
Belize CRT- 4 Gibraltar CRT- 1 Morocco CRT- 4 Suriname CRT- 5
Bermuda CRT- 2 Guatemala CRT- 4 Myanmar CRT- 5 Sweden CRT- 1
Bhutan CRT- 5 Guernsey CRT- 1 Nepal CRT- 5 Switzerland CRT- 1
Bolivia CRT- 5 Honduras CRT- 5 Netherlands CRT- 1 Taiwan CRT- 2
Bosnia and Herzegovina CRT- 5 Hong Kong CRT- 2 New Zealand CRT- 2 Tanzania CRT- 5
Brazil CRT- 4 Hungary CRT- 3 Nicaragua CRT- 5 Thailand CRT- 3
British Virgin Islands CRT- 2 Iceland CRT- 3 Nigeria CRT- 5 Togo CRT- 5
Brunei Darussalam CRT- 4 India CRT- 4 Norway CRT- 1 Trinidad and Tobago CRT- 4
Bulgaria CRT- 4 Indonesia CRT- 4 Oman CRT- 4 Tunisia CRT- 4
Cambodia CRT- 5 Ireland CRT- 2 Pakistan CRT- 5 Turkey CRT- 4
Canada CRT- 1 Isle of Man CRT- 1 Panama CRT- 4 Ukraine CRT- 5
Cayman Islands CRT- 2 Israel CRT- 3 Papua New Guinea CRT- 5 United Arab Emirates CRT- 3
Chile CRT- 2 Italy CRT- 2 Paraguay CRT- 4 United Kingdom CRT- 1
China CRT- 3 Jamaica CRT- 4 Peru CRT- 3 United States CRT- 1
Colombia CRT- 4 Japan CRT- 2 Philippines CRT- 4 Uruguay CRT- 4
Cook Islands CRT- 3 Jersey CRT- 1 Poland CRT- 2 Uzbekistan CRT- 5
Costa Rica CRT- 4 Jordan CRT- 4 Portugal CRT- 3 Venezuela CRT- 5
Côte d'Ivoire CRT- 5 Kazakhstan CRT- 4 Qatar CRT- 3 Vietnam CRT- 4
Croatia CRT- 4 Kenya CRT- 5

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