Why did my price go up? It is a very common question with a simple answer, but very long explanation.
In short, your insurance price goes up for one of two reasons. First, your insurance company is not profitable and needs to make up for the difference; otherwise you will not have a company to pay your claim if one ever arises down the road. Second, you are a larger risk than in previous years.
In terms of company profitability, they refer to that as "loss ratio." The companies need to keep their loss ratio below 60%, or for every dollar you spend, 60 cents goes to pay for claims. The remaining 40%, or 40 cents per dollar approximately 35% to 37% goes to expenses, like employees, advertising, technology, etc... and the remaining 3% to 5% goes to company profits to save for a rainy day. When the claims and expenses (referred to as "combined ratio") exceeds 100% for more than a year, you will see a price increase to return the company to profitability.
In terms of yourself being more at risk, the insurance companies rate on 100s of different factors and if one of those changes it can cause an increase in your price. Here is a list of some of the most common factors insurance companies rate on: Location, Age, Credit Score, Driving History, Claim History, Method of Payment, etc...
For more information follow this link to the Insurance Information Institute