One factor that has been making the recession more problematic for companies both big and small is that as businesses source goods from ever-cheaper regions of the world, supply chains have become longer and more vulnerable.

Adrian Donald, who leads Marsh’s European retailers and consumer brands practice, says the risk of a supplier failing “has been greater in the last 12 months, and I suspect will continue to be a concern for a while, even if some people think there are signs of optimism. The risks are going to be out there for some time.”