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Best's Ratings: Definitions

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Best's Ratings: Definitions Country Risk Tiers (CRT) AM Best defines country risk as the risk that country- the most risk and, therefore, the greatest challenge specific factors could adversely affect the claims to an insurer’s financial stability, strength, and paying ability of an insurer. Country risk is evaluated performance. and factored into all of Best’s Credit Ratings. AM Best’s Country Risk Tiers are not credit ratings Countries are placed into one of five tiers, ranging and are not directly comparable to a sovereign debt from “CRT-1” (Country Risk Tier 1) for countries with a rating, which evaluates the ability and willingness of stable environment with the least amount of risk, to a government to service its debt obligations. “CRT-5” (Country Risk Tier 5) for countries that pose Country Risk Tier (CRT) Definition CRT-1 Predictable and transparent legal environment, legal system, and business infrastructure; sophisticated financial system regulation with deep capital markets; mature insurance industry framework. CRT-2 Predictable and transparent legal environment, legal system, and business infrastructure; sufficient financial system regulation; mature insurance industry framework. CRT-3 Developing legal environment, legal system, and business environment with developing capital markets; developing insurance regulatory structure. CRT-4 Relatively unpredictable and nontransparent political, legal, and business environment, with underdeveloped capital markets; partially to fully inadequate regulatory structure. CRT-5 Unpredictable and opaque political, legal, and business environment, with limited or nonexistent capital markets; low human development and social instability; nascent insurance industry. A Country Risk Tier (CRT) is not a credit rating; rather, it represents a component of AM Best’s credit rating methodology that is applied to all insurers. A CRT is not a recommendation to purchase, hold, or terminate any security, insurance policy, contract, or any other financial obligation issued by a government, insurer, or other rated issuer, nor does it address the suitability of any particular policy, contract, or other financial obligation for a specific purpose or purchaser. Country Risk Categories AM Best Country Risk Reports are designed to provide a brief, high-level explanation of some of the key factors that determine a country’s Country Risk Tier assignment. It is not intended to summarize AM Best’s opinion on any particular insurance market or the prospects for that market. Country Risk Reports provide “scores” for three categories of risk for each country: (1) Very Low; (2) Low; (3) Moderate; (4) High and (5) Very High. Category of Risk Definition Economic Economic risk is the risk that fundamental weaknesses in a country’s economy will cause Risk adverse developments for an insurer. AM Best’s assessment of economic risk evaluates the state of the domestic economy, government finances, and international transactions, as well as prospects for growth and stability. Political Political risk is the risk that government or bureaucratic inefficiencies, societal tensions, Risk inadequate legal system or international tensions will cause adverse developments for an insurer. Political risk comprises the stability of the government and society, the effectiveness of international diplomatic relationships, the reliability and integrity of the legal system and of the business infrastructure, the efficiency of the government bureaucracy, and the appropriateness and effectiveness of the government’s economic policies. Financial Financial system risk (which includes both insurance and non-insurance financial system risk) System is the risk that financial volatility may erupt because of inadequate reporting standards, a weak Risk banking system or asset markets, or poor regulatory structure. It also takes into account the risk that the level of the insurance industry’s development and public awareness, transparent and effective regulation and reporting standards, and a sophisticated regulatory body will contribute to a volatile financial system and compromise an insurer’s ability to pay claims. REINSURANCE DIRECTORY OF ASIA 2020 21 Best's Ratings: Definitions (Continued) Best's Long-Term Issuer Credit Rating (ICR) A Best's Issuer Credit Rating (ICR) is an independent credit risk of an entity. Credit risk is the risk that opinion of an entity's ability to meet its ongoing an entity may not meet its contractual financial financial obligations and can be issued on either a obligations as they come due. An ICR does not long- or short-term basis. address any other risk. A long-term ICR is an opinion of an entity's ability In addition, an ICR is not a recommendation to meet its ongoing senior financial obligations, to buy, sell or hold any securities, contracts or any while a short-term ICR is an opinion of an entity's other financial obligations, nor does it address the ability to meet its ongoing financial obligations with suitability of any particular financial obligation for a original maturities generally less than one year. specific purpose or purchaser. An ICR is an opinion regarding the relative future An ICR may be displayed with a rating identifier or modifier that denotes a unique aspect of the opinion. Rating Rating Rating Category Categories Symbols Notches* Definitions Exceptional aaa – Assigned to entities that have, in our opinion, an exceptional ability to meet their ongoing senior financial obligations. Superior aa aa+ / Assigned to entities that have, in our opinion, a superior ability to meet aa– their ongoing senior financial obligations. Excellent a a+ / Assigned to entities that have, in our opinion, an excellent ability to a- meet their ongoing senior financial obligations. Good bbb bbb+ / Assigned to entities that have, in our opinion, a good ability to meet bbb– their ongoing senior financial obligations. Fair bb bb+ / Assigned to entities that have, in our opinion, a fair ability to meet their bb– ongoing senior financial obligations. Credit quality is vulnerable to adverse changes in industry and economic conditions. Marginal b b+ / Assigned to entities that have, in our opinion, a marginal ability to b– meet their ongoing senior financial obligations. Credit quality is vulnerable to adverse changes in industry and economic conditions. Weak ccc ccc+ / Assigned to entities that have, in our opinion, a weak ability to meet ccc– their ongoing senior financial obligations. Credit quality is vulnerable to adverse changes in industry and economic conditions. Very Weak cc – Assigned to entities that have, in our opinion, a very weak ability to meet their ongoing senior financial obligations. Credit quality is very vulnerable to adverse changes in industry and economic conditions. Poor c – Assigned to entities that have, in our opinion, a poor ability to meet their ongoing senior financial obligations. Credit quality is extremely vulnerable to adverse changes in industry and economic conditions. • Best's Long-Term Issuer Credit Rating categories from "aa" to "ccc" include Rating Notches to reflect a gradation within the category to indicate whether credit quality is near the top or bottom of a particular Rating Category. Rating Notches are expressed with a"+" (plus) or"–" (minus). Best's Financial Strength Rating (FSR) A Best's Financial Strength Rating (FSR) is an specific liability contractually borne by the policy or independent opinion of an insurer's financial contract holder. strength and ability to meet its ongoing insurance An FSR is not a recommendation to purchase, policy and contract obligations. hold or terminate any insurance policy, contract or An FSR is not assigned to specific insurance any other financial obligation issued by an insurer, policies or contracts and does not address any nor does it address the suitability of any particular other risk, including, but not limited to, an insurer's policy or contract for a specific purpose or purchaser. claims-payment policies or procedures; the ability In addition, an FSR may be displayed with a rating of the insurer to dispute or deny claims payment identifier, modifier or affiliation code that denotes a on grounds of misrepresentation or fraud; or any unique aspect of the opinion. (Continued on next page) 22 REINSURANCE DIRECTORY OF ASIA 2020 Best's Financial Strength Rating (FSR) (Continued) Rating Rating Rating Category Categories Symbols Notches* Definitions Superior A+ A++ Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Excellent A A– Assigned to insurance companies that have, in our opinion, an excellent ability to meet their ongoing insurance obligations. Good B+ B++ Assigned to insurance companies that have, in our opinion, a good ability to meet their ongoing insurance obligations. Fair B B– Assigned to insurance companies that have, in our opinion, a fair ability to meet their ongoing insurance obligations. Financial strength is vulnerable to adverse changes in underwriting and economic conditions. Marginal C+ C++ Assigned to insurance companies that have, in our opinion, a marginal ability to meet their ongoing insurance obligations. Financial strength is vulnerable to adverse changes in underwriting and economic conditions. Weak C C– Assigned to insurance companies that have, in our opinion, a weak ability to meet their ongoing insurance obligations. Financial strength is very vulnerable to adverse changes in underwrtting and economic conditions. Poor
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