Global insurer QBE is believed to be considering cutting 700 jobs as it prepares to reduce costs.
The insurer is understood to have begun cutting jobs in 2012, with more to come this year.
The Australian Financial Review has reported that at least 700 jobs could be cut from QBE's local operations.
The group employs more than 16,000 workers worldwide.
QBE downgraded its earnings forecasts last November after saying losses from superstorm Sandy in the United States could be between $US350 million and $US450 million.
The company said it expected to report a net profit of more than $US1 billion for calendar 2012.