Middle Eastern insurers are likely to respond to the global crisis by focusing on underwriting and "core" businesses, protecting their balance sheets and enhancing risk management in order to limit exposure, said Moody's Investors Service in a report. Titled Insurance in the Middle East : Coping with the Changing Landscape the report said the dramatic changes that engulfed financial markets in 2007-2008 were the first real test for many Middle Eastern insurers, many of which had not previously experienced a robust test of their risk management capabilities. "We expect the events of 2007-2008 to usher in a new era of improved risk management and control as insurers focus on core underwriting and insurance risk," said Paul Oates, Vice-President and Senior Analyst, Moody's Middle East North Africa insurance ratings. The financial crisis led to a major shift in fortunes for some of the largest Western insurance markets in 2008-09. Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .