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Governments should require companies shipping crude oil by rail to carry enough liability insurance to make up for shortfalls in coverage carried by railways, the president of Canada's second-largest rail operator said on Thursday.

For 48 publicly traded property and casualty companies across various industry subsectors, aggregate operating earnings increased by 30% in 2013 compared to 2012, thanks to improved underwriting results due to lower catastrophe losses.

The move will catapult a credit union to become one of the largest P&C insurance providers in Canada.

The cost to insurers of catastrophes almost halved to some $44 billion this year, despite a doubling in deaths caused by events such as Typhoon Haiyan, Swiss Re said on Wednesday.

Whether it carries sticks (lumber for new homes) or stones (aggregate and sand for new concrete), or coal to power an electric plant so we can heat our homes in winter, a train often represents holidays.

Liberty Mutual reported $9.36 billion in net written premium for the third quarter of 2013, an 8.2 percent increase from the same quarter of last year.

Adjusters for both p&c insurance carriers and self-insured industries such as utilities, railroads and pipelines will encounter wide-reaching claims involving hazardous materials in the years to come.

The massive floods that devastated swaths of southern Alberta in June are estimated to be the costliest natural disaster in Canadian history, with property damage at $1.65 billion.