The Impact of Emerging Technology Risks on the Performance of Insurance Companies in Emerging Markets

Purpose: The objective of the study is to examine the influence of Emerging Technologies (ET) such as Artificial Intelligence (AI), Blockchain (BLK), Internet of Things (IoT), and Big Data Analytics (BDA) on the Performance (PER) of insurance firms in the Palestinian market and analyze how this is moderated by Risk Management (RM). Methodology: The quantitative study design has been adopted, and a cross-sectional approach has been used for data gathering from 220 employees working in Palestinian insurance companies that were analyzed PLS-SEM. Result: The study reveals that ET has a remarkable influence on PER. RM frameworks strengthen such relationships by alleviating risks and maximizing the benefits of new technologies. In terms of ET, AI, BLK, IoT, and BDA had the highest influence on both RM and PER. Data showed RM leads to effective ET implementation coupled with an increase in financial, operational, and reputational advantages to insurers. Originality: The analysis shows the necessity of comprehensive risk management practices, employee training, and observance of the regulatory norms for insurance businesses in emerging countries like Palestine to maximize the benefits of ET adoption. Limitations are imposed by the cross-sectional approach for the study and the specific markets that it focuses on. The findings enhance scholarly understanding of the adoption of technology under constricted situations and provide advantageous recommendations for policymakers and insurers in promoting sustainability within the insurance sector.