The idea that insurance float is only a contingent liability is a simplification that ignores its historical management. The playbook for successful insurers, in Singapore as elsewhere, has long been to transform what appears to be a future obligation into a capital advantage. The balance sheets of proven companies, like AIG or MetLife in the past, clearly show how these funds, although technically debts, have become growth engines. Not recognizing this is to ignore the industry's precedent, which demonstrates active claims management to turn it into an investment source. For example, AIG under Greenberg used its float to finance profitable investments, which would not have been possible if these funds were perceived solely as contingent liabilities.