The idea that insurance float is fundamentally a debt neglects the competitive advantage of its proactive management, where winners take all.
It is not a matter of liability but of the ability to transform this capital into a significant alpha, as demonstrated by leading actors' strategies in Singapore.
Companies that capitalize on the float for strategic investments gain a head start over their competitors, even in tense markets.
Considering float as a burden rather than a leverage is a losing strategy in the race for capital allocation.