- Research Article
- 10.1080/18692729.2025.2597636
Temples and markets – Buddhism and life insurance in Meiji Japan
- Jan 02, 2026
- Contemporary Japan
- Yingying Jiang
ABSTRACT Life insurance established itself in Japan as a domestic industry by the end of the Meiji period. A unique feature of the early years of the industry was the emergence of Buddhist-related life insurance companies from 1894 onwards. However, by 1914, these companies had either gone out of business or restructured and ceased their affiliation with Buddhism. Japanese research explains the entry of Buddhist sects into life insurance with reference to their financial needs, while their disappearance 20 years later is attributed to lack of technical expertise and weak corporate governance. This paper further adds to the understanding of the 20-year episode in two ways. Pointing to the wider socio-cultural and political context, it shows how the decision to engage with life insurance fit the overall strategies of Buddhist sects at the time to position themselves as an institution aligned with and contributing to the country’s modernization goals. By analyzing the marketing challenges that life insurance companies confronted, the paper also clarifies how the affiliation with Buddhism could constitute a competitive advantage during the early years of the industry, and why this advantage diminished as the industry developed. The analysis explains both the appearance and disappearance of Buddhist life insurance companies. It also sheds light on the role and shifting sources of trust in the evolution of markets.
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