just to bring an old topic up with more data point.

Bought 4 tickets for family on KA.com website. Cancelled/asked for refund on May 28th 2015.

July 7th - 1 of the 4 tickets got refunded to my CX amex card...
Aug 2nd - as of today still waiting for 3 tickets to hit my AMEX card.

as a comparison, my travel insurance paid out the claim within 4 days of submitting documents. What's really strange is refund being processed simultaneously for 4 tickets under same booking reference, 1 ticket back but 3 others waiting.... Called CX/AMEX both few times, CX blames AMEX, AMEX blames CX... musical chair so i keep waiting.

Morale of the story: If you have a choice, try to ask for cancelled tickets as CREDIT towards your next flight instead of REFUND which can take a millennium. I'm not even sure if that's possible but i'm very hesitant to book a flight now if there's chance of getting cancelled.