DREM releases time series on Banking and Insurance sectors

The Regional Directorate of Statistics of Madeira releases today, for the first time, a time series for the Banking and Insurance sectors in the Autonomous Region of Madeira, for the 1997-2017 period. This series, which will be updated in a yearly basis, was made from data gathered by Statistics Portugal (INE) during that period. 

In the 1997-2017 period

Establishments of banking and insurance enterprises and persons employed decreased

In 2017, the other monetary intermediation (Portuguese acronym: OIM) which includes banks, saving banks and mutual agricultural credit banks had 118 establishments in the Autonomous Region of Madeira. This figure increased from 1997 until 2009, year in which a record of 182 establishments was registered. From that year onwards, the number decreased. Compared to 2016, the number of establishments went down by 5. The number of establishments by 10,000 inhabitants in 2017 was 4.7, the same ratio of the country.

The peak of persons employed in the Banking sector was registered in 2004 (1,098), but in 2017 this number went down to 653. In this year, personnel expenses reached 25.6 million euros.

The commissions received by the OIM sector stood at 26.8 million euros in 2017, a 22.2% growth from the previous year, in which the lowest value of the series was recorded.

In 2017, the deposit interests reached the lowest level since 1997 (17.4 million euros).

There were 13 establishments in 2017 in the insurance sector of the Autonomous Region of Madeira. In the 1997-2017 period, this number grew until 2008 and since then decreased. Persons employed in this sector have been declining since 1997. In 2017, 58 persons employed were counted, down by 40 from 1997. Personnel expenses in the insurance sector stood at 2.1 million euros in 2017.

The establishments of the insurance sector in the Autonomous Region of Madeira issued 68.0 million euros of gross premiums in 2017, up by 33.7% from the previous year. Looking at the data for the 2000-2017 period, the peak was registered in 2005 (76.5 million euros), while the lowest value occurred in 2010 (34.8 million euros).

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