Life-cycle structural reliability of deteriorating systems and multi-hazard risk assessment of aging infrastructure networks involve complex time-variant processes characterized by impactful uncertainties. Simulation methods are frequently the only viable tools to accurately estimate time-variant failure probabilities and risk metrics. However, simulation-based techniques are time-consuming and might be computationally inefficient and unfeasible in practice, particularly when analysis of large-scale systems are required to assess numerically sensitive performance indicators. This paper proposes a novel computational approach based on Importance Sampling to efficiently estimate the time-variant seismic risk of aging road networks. In the pro...