The idea that an insurance float is merely a liability is a dangerous simplification, as it ignores the dynamic role that the insurer plays in the economy.
An insurer is not just a custodian of funds but a financial architect that must transform these promises into growth, as shown by the cautious yet effective approach of major players who use this capital for long-term investments.
The AMF and European regulators frame this reality, demanding rigorous fund management while recognizing their potential for returns, such as when they enable investments in solid assets to support the economy.
Talking about a simple contradiction between capital and liability overlooks the crucial role of management and regulation in turning this challenge into an opportunity for value.