Graeme dice posted this on thread "Question about Fortune Tellers", and gave a link that the forum upgrade destroyed.
Quote:
The great seer prevents 75% of bad events in his province, the norna prevent 15%, and fortune tellers prevent 5%. This is most likely a 5% chance per fortune teller, checked individually.
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The chance is that listed, and each Great Seer/Norna/Fortune Teller in that province gets his/her own check to cancel a bad event. I think that means (1-0.05)^n chance for n Fortune Tellers not canceling a bad event in the province they are located in.