This is a slightly different though related issue to risk compensation. It is known as "moral hazard". The best explanation I have seen is Terry Pratchet's attribution of blame for the Great Fire of Ankh-Morpork.
I think it is unlikely to have a significant impact on cyclist behaviour while riding - since your personal safety is of considerably more importance than the value of your bike. It is likely that people with cycle insurance (or cheap bikes) will take less care of security when they leave their bike unattended.