Anyone who refers to the profit percentage being low when talking about the gouging really is not arguing honestly. Agree? Its not the right number to look at, an easy distraction.
The insurers are forced into the only remaining avenues to grow profits: 1. Grow the pie, by letting prices rise. 2. Acquire the entities benefitting from this price rise.
Which is exactly what they did, leading to this constant upward spiral of insurance premiums.