If insects ever develop "lungs" we are doomed.
It appears that they need more than just lungs.
Link to full articleFirst, a bit of background: Insects don't breathe like we do and don't use blood to transport oxygen. They take in oxygen and expel carbon dioxide through holes in their bodies called spiracles. These holes connect to branching and interconnecting tubes, called tracheae, Kaiser explained.
Whereas humans have one trachea, insects have a whole tracheal system that transports oxygen to all areas of their bodies and removes carbon dioxide. As the insect grows, tracheal tubes get longer to reach central tissue, and get wider or more numerous to meet the additional oxygen demands of a larger body.
Apparently one of the things limiting the size of insects is that the legs have these tracheae passing through them from the body, make the insect bigger and there isn't room for the tracheae to take oxygen to the legs through the joints.
So for giant insects you need them to evolve both lungs and transferring oxygen through the blood stream (assuming they have a bloodstream, I don't know, if not they would have to evolve that or an equivalent too).