You have missed the point.
Actually, you are both wrong.
The insect universe is presumably using a base 12 number system, and picked .06 as the magic value.
.06(base 12) is 6 /(12*12) = 1/24 (decimal), and thus is actually a tighter requirment than .05 (decimal).
Those damn insects are strict!
Edit: For the record, I liked the point as to the arbitrariness of .05, regardless of how insects would do it.