Assuming the market is working* this should all be factored in. Yeah, economic incentives might be looking at the next financial quarter, but when you finance a building it's amortized over a number of years (most home loans are 30 years, I figure commercial or industrial are longer). Insurance is required to secure financing and insurance should be factoring this in since the whole point is that they're hedging risk and planning for 1 in 100 catastrophes.

On the flip side, major hurricanes have bankrupted insurance companies and left property owners without the benifits they paid for. The two solutions I see are larger (more diversified) insurance companies or the government stepping in to regulate.

* I have little faith that this is actually true