For comparison a warrior tank can have up to 52% magic damage reduction (57% if the target has mana) and as a result takes 50% less magic damage.
For those wondering why having 52% vs 28% is 50% less damage taken
Lets look at a magic attack that would deal 10000 damage.
A warrior will take 10000 * ( 1 - 0.52 ) = 4800 damage.
A cleric will take 10000 * ( 1 - 0.28 ) = 7200 damage.
( 7200 - 4800 ) / 4800 * 100%= 50.0% more damage taken
Now I didn't take resistance from raid buffs into consideration so lets add that.
That's 30 from planar protection and 40 from bard/archon buff for 70 resistance to all schools.
70 resistance = 10.45% less damage taken.
So a warrior now takes 1-(1-0.52)*(1-0.1045)=57.02% less magic damage.
And a cleric now takes 1-(1-0.28)*(1-0.1045)=35.52% less magic damage.
That same attack now hits for the following
A warrior will take 10000 * ( 1 - 0.5702 ) = 4298 damage.
A cleric will take 10000 * ( 1 - 0.3552 ) = 6448 damage.
( 6448 - 4298 ) / 4298 * 100%= 50.0% more damage taken
So as you can see the raid resistance buffs have no effect on the effective difference between a warrior and a cleric. (and even if we fully take Favored of the Valnir into the calculation as full mitigation (this means no overhealing at all which is not the case) we still take 35% more damage)
To partly counter the effect that we take more magic damage it is possible to stack resistance of the type you are encountering. Currently that is mostly life is Greenscale's Blight and Death in River of Souls and with Hammerknell you can expect water damage.
There are a couple of places where you can pick up resistance.
- Dark harbor from the cabalist tree provides 40 earth, water, air and fire resistance.
- Bard/Archon buff provides 40/39 resistance to everything.
- Planar protection guild perk that can be used to grant up to 30 resistance.
- Resistance runes for chest and shoulders they come in a 21 and 27 resistance version for a total of 42-54 resistance.
- The river of souls world-event gave the option to get a trinket with stats that included 20 death resistance.
- The Hammerknell world-event gives you the option to obtain a trinket with 20 Water Resistance.
- The Hammerknell world-event gives you the option to obtain a sigil of the five with 20 Water Resistance which is perfect for making a water resistance sigil.
- Lesser essences up to 6 in total (if you make a resistance sigil/foci don't use greaters)
Ordered from best to worst.
- Inscribed Sourcestone Resist essence provides 24 resistance + 17 endurance
- Crystal Sourcestone Resist essence provides 26 resistance
- Inscribed sourcestone essence provides 16 resistance + other stats
- Raid rift essence provides 15 resistance + other stats
- Crystal Sourcestone essences provides 12 resistance + other stats
- Expert rift essences provides 11 resistance + other stats
- Green essences with 1 other stat can provides up to 12 resistance (strength or endurance are the best)
- Green essences with more then 1 other stat can provides up to 6 resistance
- The collector's edition weapon rune provides 10 resistance of one kind
Then one last note about resistance, it does not scale linearly but like armor and blocked amount it got a build in diminishing return.