This is a persistent problem. When I try to keyframe effects on images (scale, position, opacity etc), I get the "Adobe has encountered a serious error" message.
The images are mostly jpegs, and the problem still occurs when I resize them to 1920x1080 as at first I thought the images were too large. I had an Adobe support person remote into my computer for about 3 hours and couldn't figure it out. Tried repairing disk permissions, trashing preferences and cache etc and nothing works.
The problem occurs with jpegs, tiffs and PSD files of all sizes and occurs on both my desktop iMac and my Macbook Pro.
I'm out of ideas.