Very, very unlikely, but not recommended. Its insulation and insulation belongs inside walls.
If the insulation is very, very old then yes because it probably has asbestos. I doubt that is the case very much though.
I worked around insulation a lot and my dad has worked with it his whole life. If its not being touched there won't be much getting airborne off of it, but if you did like I had to and put them in and take them out. I breathed in pounds of it and I'm doing fine ;)