The concept of "perpetual" for a source of funding is illusory; even the insurance fleet is a finite resource with a limited lifespan.
What many consider as free capital often turns out to be a contingent liability that reduces the room for maneuver.
Strict regulatory requirements from SEBI and RBI in India quickly turn this "fleet" into a concrete liability if underwriting management fails, as seen with insurance companies facing unexpected claims increases during the pandemic, forcing them to mobilize reserves that could have been invested.
Our investment capital is a too precious resource to let it dilute like that.