(Reason) In recent weeks, health insurers have sounded less than enthusiastic about Obamacare. At a health industry investor’s conference last week, the head of Cigna warned that his company might take a loss on plans sold in Obamacare exchanges. In an SEC filing, Humana said that the demographic mix in the company’s exchange plans was “more adverse” than expected. The CEO of Aetna told CNBC this week that so far, the exchange plans his company has offered in the exchanges have not successfully attracted the previously uninsured—setting up the possibility that Aetna might eventually pull out of the exchanges. And on Wednesday, credit rating agency Moody’s downgraded health insurers, projecting that earnings would be less than expected in 2014 as a result of the “ongoing unstable and evolving environment” surrounding the rollout of the health law.

Insurers may be down on the law. But they’re not quite ready to bail.

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