Are brokers still as safe as houses?

Insurance brokers have been resilient to recession in the past, particularly those in the independent sector. In the previous two recessions of the 1980s and 1990s, few brokers went bust, and those that did were mainly a result of over-rapid expansion stretching balance sheets far too much, owners taking too much out of the business, and fraud. These businesses did not have the resources to weather any downturn, or enough fat to overcome the shock of a major loss through fraud by a director or