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JLT Specialty said it believed eight of the 11 countries which principally supply key raw materials for electric vehicle (EV) batteries, such as cobalt and lithium, are in territories designated as at “high or very high risk of disruption.”
These countries include the Democratic Republic of the Congo, Guinea, Russia and the Philippines.
Risks affecting these countries include political instability, natural catastrophe and supply and demand pressures.
Carmakers are heavily reliant on a small number of countries to supply raw materials for EV batteries.
The DRC, for example, produces more than 80 percent of global cobalt exports.
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