The assertion that the insurance fleet is mainly a contingent liability lacks nuance regarding its ability to generate a competitive advantage for the most successful players. It's not a question of "free capital" versus "liability," but of asset-liability management and capital allocation discipline that distinguish the winners. Market leaders know how to lap others by transforming a regulated obligation into a stable source of investment funding, as demonstrated by the success of Singaporean insurers who optimize their balance sheets under strict regulatory oversight to invest long-term.