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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 Global 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       

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