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

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