Labeling the insurance float as a simple contingent liability instead of perpetual capital is not a contextual opposition, but a fundamental distinction dictated by regulatory mandate.
The jurisdiction of the UK, with oversight from the PRA and Solvency II requirements, imposes strict technical reserves, making its use as free capital prohibited without specific approval.
For example, after the 2008 financial crisis, the FCA strengthened liquidity requirements, drastically limiting insurers' ability to treat this float as an investment fund without solvency guarantees.
It is not a matter of optimization, but of prudential compliance.