If you've got a gap where air is blowing in, then you might be just as well putting some 'expanding foam' into the gap to block it up.
Yes, you could put insulation under the bath - the wires don't carry current, they are there to act as an earth safety in the event of a short, to make sure that you don't get electrocuted. If there was a short then it should trip out in the fusebox, so you wouldn't have live current running under there for long enough to ignite anything.
Fibreglass would probably be best if you were concerned about fire - it's hard to ignite.
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