I think it is perfectly fair. I feel the position that "Since most of the harm from smoking is not from nicotine but from other things in tobacco, e-cigarettes may be safer than real cigarettes. But more research is needed before experts can say for sure." is a reasonable position for this company to take.
Now many of us know by the way that our lungs feel, we function, etc. that this is an overly cautious endorsement. However, there were no irresponsible citing of some old discredited survey by regurgitating half truths and waiving red herring. This is an insurance company so they are gonna play this safe. Much better than the usual hogwash that the ANTZ dominated health industry regularly slops into the trough.