Systems, methods, and computer readable medium are provided for determining a wall loss measurement associated with corrosion and/or erosion present within an insulated pipe. A calibration image is acquired for the pipe wall at a first location and used in conjunction with an inspection image acquired for the pipe wall at a second location to determine an inspection thickness of the pope wall. An amount of wall loss measurement can be determined based on a difference of a calibration thickness for the pipe wall at the first location and the inspection thickness of the pipe wall at the second location. The wall loss measurement characterizing an amount of wall material lost due to corrosion and/or erosion present in the pipe wall at the second location. The wall loss measurement can be output for further processing and/or display.