Allianz Group is one of the world's leading insurers and asset managers with 126 million private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Managing the risk of natural catastrophes is of fundamental importance for Allianz and the global (re-) insurance sector given the large losses associated with such events, especially in the light of climate change. In the talk, insights into the Allianz Re Cat risk management work are given as well as tools and models presented which are used to assess the risks due to natural perils.  Furthermore, current challenges and research needs are discussed.