Country Risk Information

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-US Ratings

Guide to Best's Country Risk Tiers

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 Cyprus CRT- 3 Kuwait CRT- 3 Romania CRT- 3
Algeria CRT- 5 Czech Republic CRT- 2 Laos CRT- 5 Russia CRT- 4
Anguilla CRT- 3 Denmark CRT- 1 Lebanon CRT- 5 Saudi Arabia CRT- 3
Antigua And Barbuda CRT- 4 Dominican Republic CRT- 4 Libya CRT- 5 Serbia CRT- 4
Argentina CRT- 5 Ecuador CRT- 5 Liechtenstein CRT- 2 Sierra Leone CRT- 5
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 Ethiopia CRT- 5 Macedonia(FYR) CRT- 4 South Africa CRT- 4
Bahamas CRT- 3 Finland CRT- 1 Malaysia CRT- 3 South Korea CRT- 2
Bahrain CRT- 4 France CRT- 1 Malta CRT- 3 Spain CRT- 2
Bangladesh CRT- 5 Gabon CRT- 5 Mauritius CRT- 3 Sri Lanka CRT- 4
Barbados CRT- 4 Germany CRT- 1 Mexico CRT- 3 St. Kitts And Nevis CRT- 3
Belarus CRT- 5 Ghana CRT- 5 Micronesia CRT- 5 St. Lucia CRT- 3
Belgium CRT- 1 Gibraltar CRT- 1 Mongolia CRT- 5 St. Maarten CRT- 3
Belize CRT- 4 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 Hungary CRT- 3 New Zealand CRT- 2 Tanzania CRT- 5
Brazil CRT- 4 Iceland CRT- 3 Nicaragua CRT- 5 Thailand CRT- 3
British Virgin Islands CRT- 2 India CRT- 4 Nigeria CRT- 5 Togo CRT- 5
Brunei Darussalam CRT- 4 Indonesia CRT- 4 Norway CRT- 1 Trinidad And Tobago CRT- 4
Bulgaria CRT- 4 Ireland CRT- 2 Oman CRT- 4 Tunisia CRT- 4
Cambodia CRT- 5 Isle Of Man CRT- 1 Pakistan CRT- 5 Turkey CRT- 4
Canada CRT- 1 Israel CRT- 3 Panama CRT- 4 Ukraine CRT- 5
Cayman Islands CRT- 2 Italy CRT- 2 Papua New Guinea CRT- 5 United Arab Emirates CRT- 3
Chile CRT- 2 Jamaica CRT- 4 Paraguay CRT- 4 United Kingdom CRT- 1
China CRT- 3 Japan CRT- 2 Peru CRT- 3 United States CRT- 1
Colombia CRT- 4 Jersey CRT- 1 Philippines CRT- 4 Uruguay CRT- 4
Costa Rica CRT- 4 Jordan CRT- 4 Poland CRT- 2 Uzbekistan CRT- 5
Côte d'Ivoire CRT- 5 Kazakhstan CRT- 4 Portugal CRT- 3 Venezuela CRT- 5
Croatia CRT- 4 Kenya CRT- 5 Qatar CRT- 3 Vietnam CRT- 4
Curaçao CRT- 3

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