TOKYO -- The world's insurance companies are moving toward covering damage to business from cyberattacks through specialized policies.

Standards in the international insurance industry are shifting because people in the industry say the current products are inadequate to the task of covering the growing risk from cyberattacks.

Japan's nonlife insurers will stipulate by the end of March 2021 that damage from cyberattacks falls outside the scope of its fire insurance policies.

Lloyd's of London, which acts as a middleman in underwriting between large insurers, in January called on insurers to clearly indicate whether damage from cyberattacks will be included in policies covering physical damage. It says the risk from the spread of cyberattacks worldwide is so large that it must be assessed separately from other types of risk.

Insurers are responding by revising the terms of their policies to comply with that requirement.

U.S. insurer AIG last September announced a plan to have most of its insurance policies indicate whether they cover cyberattacks. The company will cover economic damage arising from cyberattacks mainly through specialized policies. Germany's Allianz plans to take similar measures.

In Japan, Sompo Japan Nipponkoa Insurance plans to revise the scope of coverage for its corporate fire insurance policies in April to indicate they do not cover damage caused by cyberattacks unless the attack causes a fire or explosion.