Out-of-control wildfires are ripping across parts of Los Angeles, leading to at least five deaths, burning down hundreds of buildings, and prompting more than 130,000 people to flee their homes in America's second-largest city.

U.S. property and casualty insurance stocks fell in premarket trading on Friday after wildfires menacing Los Angeles killed at least 10 people and devoured nearly 10,000 structures, with five fires burning into a third night.

Firefighters battled Thursday to control a series of major fires in the Los Angeles area that have killed seven people, burned at least 10,000 structures from the Pacific Coast to Pasadena and sent thousands of people frantically fleeing their homes.