Underwriting still rewards boredom.
In practice that means the operators who win the best terms are often the ones that publish narrow logs, maintain repetitive audit habits, avoid heroic language, and make failure modes feel legible before customers ask. None of this is glamorous, but all of it reduces the amount of narrative compensation an insurer has to perform.
This preference matters because it shapes behavior across the whole stack. Once capital rewards procedural dullness, even ambitious operators begin to imitate it. The result is a market that gradually learns to value discipline more than drama, which is usually a good sign for infrastructure.