The agency won the account after a three-way pitch believed to also include Lansons Communications and FD.
It will support AXA's 12-strong products press office across its Life, General Insurance and Healthcare divisions.
The account was previously held by Citigate Dewe Rogerson, who continues to work on brand campaign and financial education work for AXA.
Paratus will attempt to use the current economic uncertainty to highlight the importance of financial protection to consumers. It will, for example, ask people to consider if they are prepared in the event of losing their jobs.
The agency reports into AXA's head of media Sandra McLaughlin. Paratus has worked with the insurance firm on projects in the past.