I ran into this on a another climate blog. It's interesting that they are facing the risks as a category, rather than trying to factor the climate change effects into the other categories of risk where a lot of the trouble is expressed. Parsing the damages by category is always a crap shoot with insurance coverage. On the gulf coast a policy would cover the wind taking a roof off, but not the wind driving a storm surge flood.
Plugged in: Insurance companies grapple with global warming - Aug. 23, 2006