Yes. You open yourself up for very simple denial of service attacks. If you want to be able to ping from the inside to the outside you could allow just certain types of icmp traffic, and still deny ping initiated from thw outside.
try this
conduit permit icmp any any echo-reply
conduit permit icmp any any source-quench
conduit permit icmp any any unreachable
conduit permit icmp any any time-exceeded
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