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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:

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                                                         Print

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