I do think the analogy is appropriate.
The Montreal Protocol is an example of preventing a man-made catastrophe.
The human economy has never been large enough to affect the global climate so there aren't past examples. Now it is. Comparing the past is like wondering why there was no fire insurance before humans discovered fire. Or why people living in mountains have no flood insurance.
The Pascal's Wager applies equally well for the wizard example as it does for Kyoto and its variants. It's hardly a sound basis on which to make decisions of enormous import and impact. A better basis would be "first, do no harm"...