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Corrosion under insulation (CUI) is an increasingly important issue for the piping in industries especially petrochemical and chemical plants due to its unexpected catastrophic disaster. Therefore, attention towards the maintenance and prediction of CUI occurrence, particularly in the corrosion rates, has grown in recent years. In this study, a literature review in determining the corrosion rates by using various prediction models and method of the corrosion occurrence between the external surface piping and its insulation was carried out. The results, prediction models and methods available were presented for future research references. However, most of the prediction methods available are based on each local industrial data only which might be different based on the plant location, environment, temperature and many other factors which may contribute to the difference and reliability of the model developed. Thus, it is more reliable if those models or method supported by laboratory testing or simulation which includes the factors promoting CUI such as environment temperature, insulation types, operating temperatures, and other factors.