That's not why prices continue to increase. They can't just let prices skyrocket to pad their pockets. If they try, government regulators will block premium hikes, regular people will ditch them for cheaper competitors, and big businesses that pay premiums from cash will fire them for not keeping medical bills lower.
But prices already have skyrocketed, and insurance execs have already become significantly richer. Why didn't the feedback loops work?
> regular people will ditch them for cheaper competitors
I love the particular irony of people who advocate for regulations then attempt refutation of free market theory for what is already unquestionably and objectively not a free market.