Assessment of risk under natural hazards is associated with a significant computational burden when comprehensive numerical models and simulation-based methodologies are involved. Despite recent advances in computer and computational science that have contributed in reducing this burden and have undoubtedly increased the popularity of simulation-based frameworks for quantifying/estimating risk in such settings, in many instances, such as for real-time risk estimation, this burden is still considered as prohibitive. This chapter discusses the use of kriging surrogate modeling for addressing this challenge. Kriging establishes a computationally inexpensive input/output relationship based on a database of observations obtained through the initial (expensive) simulation model. The upfront cost for obtaining this database is of course high, but once the surrogate model is established, all future evaluations require small computational effort. For illustration, two different applications are considered, involving two different hazards: seismic risk assessment utilizing stochastic ground motion modeling and real-time hurricane risk estimation. Various implementation issues are discussed, such as (a) advantages of kriging over other surrogate models, (b) approaches for obtaining high efficiency when the output under consideration is high dimensional through integration of principal component analysis, and (c) the incorporation of the prediction error associated with the metamodel into the risk assessment.