Security assessment of a power system is very important function to detect any violation in the system and to ensure secure operation of the system in deregulated environment. Contingency ranking is the process of indexing the possible contingencies of system on the basis of their severity. The contingencies of higher ranking are further analyzed for detailed analysis. The contingencies based on the real power flow and the voltage deviations should be dealt simultaneously for better ranking. The paper presents fuzzy approach to combine ranking based on MW and Mvar losses and a new rank list is prepared. The proposed approach is tested on IEEE-30 bus test system.