40% percent increase in premium!

Yesterday I received my policy revision annual letter saying that " to maintain the standards of service and the cover in line with inflation" my new premium will increase from R334.22 to R467.91!

First, inflation last year was close to 6%, this increase is 40%! After talking to an agent, the "best" she could offer was a downgrade. I've had my dog insured for 5 years never making a claim on him, citing increased risk and inflation is ridiculous. I have accepted the downgrade so long but looking for another service provider.