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