Is anyone else paying a very high insurance premium?

I have a health insurance policy for my parents since last 13 years from an insurance provider. This year the proposed premium amount has gone up very significantly (compared to previous years). Usually the increment in premium payment ranged from 5-10% every year, but this year there is a steep hike of 40%. When I queried the insurance provider, they said it is due to high medical inflation and rising costs. As per a simple search, the medical inflation is somewhere around 12-15%. But does that give these insurance providers to raise the premium amount so significantly?