The technique relates to a system and method for assessing corroded pipeline defect growth rate from partial defect growth rate information. The method involves obtaining a plurality of observed defect growth rates from the inspection data collected at different time intervals then determining at least one unobserved defect growth rate on the basis of distribution pattern of the plurality of observed defect growth rates thereafter simulating condition of at least one hyper parameter on the inspection data based on prior information of the at least one hyper parameter then simulating the plurality of observed defect growth rates and the at least one unobserved defect growth rate based on the simulated hyper parameters and finally obtaining defect growth rate point estimate from the simulated growth rate data. The method also involves determining a probability of failure of a defect from the defect growth rate point estimates.