All insurance is a form of "Ponzi scheme" inasmuch as it depends on an ever-growing influx of premiums in order to survive.
That's a bit of a stretch. Insurance has a purpose of protecting people and businesses against uncertainty which is necessary for investment. The increase in premium cost is a result of changes in legal liability and in many cases, the increased costs of construction, healthcare and/or products used in the repair/reconstruction of buildings, machinery or other property including automobiles. Other increases are a result of changes in risk. Such as in the change in risk to healthcare insurers due to legislation, think ACAs pre-existing condition clause.
I don't see any comparison to a Ponzi scheme that seeks a singular purpose of defrauding people out of their money.
That it is an aleatory contract and a contract of unequal exchange is no question but, the purpose is to pool large numbers of similar risks so that there is money to pay for losses incurred. Some insureds may collect more or less than they paid in premiums but they are really just purchasing certainty or peace of mind.
Another consideration is that insurers cannot raise rates willy nilly, they must prove to the DOI (Dept. of Ins.) that an increase is necessary for the risks they assume. Insurers must provide quarterly balance sheets to prove their solvency. They also must vie for customers in a very competitive market.
