Worldwide merger and acquisition activity in the insurance industry is off, according to a new study from law firm Clyde & Co.

There were 170 deals in the first six months of 2017 compared with 186 in the preceding six months and a recent high of 225 in the first half of 2015, according to the Clyde & Co Growth Report midyear update, released Thursday.

Deal activity grew modestly in the Americas to 86 in the first half of 2017 compared with 81 in the preceding six months, while volume was down in both Asia-Pacific, to 22 deals from 36, and Europe, which was down 28%, according to the study. There were eight deals in the Middle East and Africa, compared with two in the previous half.

The Americas may lose momentum in the second half, said Clyde. “Although deal activity in the U.S. insurance sector was high during the first half of this year, it may not be as robust during the second half of the year despite earlier high expectations,” Vikram Sidhu, a Clyde & Co. partner based in New York, said in the statement.

Andrew Holderness, global head of the firm’s corporate insurance group, added that In Europe, uncertainty persists with Brexit acting as a significant brake on M&A activity.

Despite declining levels of investment — to $280 million in the first quarter of 2017 from $500 million in the same quarter in 2016 according to figures from Startupbootcamp and PricewaterhouseCoopers L.L.P. — technology remains a priority, said the Clyde report.

“The insurance industry’s focus on and interest in insurtech continues unabated, because the industry recognizes that the marriage of insurance and technology promises to bring about dramatic changes in the near future to almost every aspect of the insurance business,” Mr. Sidhu said.

While the pace of deals may slow in the Americas, overall volume should accelerate in the second half of 2017, said the Clyde report.

There is good reason to expect that more M&A will get over the line in the coming six months,” Mr. Holderness said in the statement. “Hot spots for deal making are likely to include China, where the regulatory environment is expected to ease, allowing a pent-up wave of M&A, activity to resume.”