AM Best Rating Services - Country RiskAM Best defines country risk 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.