A third of European businesses plan to expand in emerging markets because they do not envisage near-term economic improvements at home, according to a study by QBE Europe.

More than half expect Europe’s recovery to be at least two years away, the survey of more than 500 companies in the UK, France, Germany, Italy and Spain shows.

Economic conditions in traditional markets are pushing businesses to consider less-familiar territories, Head of QBE Multinational Barbara Chandler says.

But insurance executives must consider whether their companies can support such moves and have the geographic footprint, knowledge and financial stability to protect them, she says.

CEOs are looking to Asia, South America and – to a lesser extent – Africa, with 57% citing economic downturns in current markets as their biggest motivation.