He addresses the reasons why major insurers such as United Health, Aetna, and Humana are dropping out of the Affordable Care Act. It appears that they are not making enough money.
...the insurance companies and the business press focus on what was always the real measure of Obamacare’s success: whether it can provide sufficient profitability. The defection of large insurers means that Obamacare is failing in this, always its prime, objective, and, as Sally C. Pipes puts it, for CNBC: the "death spiral" has arrived. It is not—It was never going to be!—the objections of liberal or conservative critics, but the objections, and ultimately the withdrawal, of its founding business partners, that would put an end to Obamacare. The point of this program is to allow the private health insurance companies to make more profits. If they don’t, it fails, in its own real capitalistic (as opposed to its ostensible humanitarian) terms. That day has come.
