I'm not an actuary. I never want to be. However, there are some people that are very good at figuring out those kinds of things, and since insurance companies still turn profits in this inflationary monetary climate, I'm sure someone with enough capacity of mind can figure out that BTC and it's deflationary pressure on fiat could potentially yield greater profits while not screwing people over. 

There are different types of fiat insurance policies for different situations, and I would think that could and should be the case for a policy backed by BTC. There are enough BTC maxis that could benefit from this as long as the policy holder and company can come to an agreement as to how to get paid and when. It's complex, but, it can, and I think should, be done.