UK Motor Pricing Tracker: UK Motor: ONS and Defaqto show diverging pricing data for June but YTD direction of travel is positive

Research evidence excerpt

UK Motor Pricing Tracker: UK Motor: ONS and Defaqto show diverging pricing data for June but YTD direction of travel is positive

Equity Research

22 July 2026 | 7:54AM BST

UK Motor Pricing Tracker: UK Motor: ONS and Defaqto show diverging

pricing data for June but YTD direction of travel is positive

Vash Gosalia, CFA

+44(20)7051-0132 |

vash.gosalia@gs.com

Goldman Sachs International

Andrew Baker, CFA

+44(20)7051-2074 |

andrew.x.baker@gs.com

The ONS data for June suggests that motor insurance prices have increased 6.3% YoY

Ankitha Giridharand 1.9% MoM, a further increase from May when prices increased +0.8% MoM. In +1(332)245-7972 |

this release of the UK Motor insurance tracker, we also introduce the price change on ankitha.giridhar@gs.comGoldman Sachs India SPL

price comparison websites (PCWs) from Defaqto (previously known as Pearson Ham; Alice Palumbo

Exhibit 2). The Defaqto (Pearson Ham) data shows that prices have decreased 0.9% +44(20)7051-2403alice.palumbo@gs.com|

YoY and decreased 0.2% MoM in June for the cheapest five providers. We note that Goldman Sachs International

as per Defaqto data prices have increased 3.6% YTD and c.2.1% in 2Q’26.

Commentary from companies (below) suggests that pricing has already troughed

and is now starting to increase. This is in line with ABI data which shows that pricing

in 1Q’26 was broadly flat QoQ. On the whole, we believe that pricing has troughed

but wait for 1H’26 results to hear management commentary for confirmation and

confidence on the sustainability of pricing increases.

This emerging price increases comes within a pricing environment that an Oxbow

Partners report highlights as structurally changing, with cycles becoming shorter and

less volatile. With recent consolidation (as we show in Exhibit 66 in our earlier note