This paper summarizes the development of the Insurance and Investment Risk Analysis System (IRAS) which provides consultation on earthquake risk for insurance and investment banking industries. Major features of IRAS, including interactive input/output facilities, graphic data retrieval, hierarchical knowledge-based management, integration of independent program modules, combinations of backward-chaining and forward-chaining inference mechanisms, and approximate reasoning schemes based on fuzzy set theory to deal with linguistic and/or incom- plete information are described.